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ISSN 1517-7270
January 2003
Volume 39 – Number 1
Boletim do Banco Central do Brasil
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120
125
130
135
140
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 2001 2002
Index: 1992 = 100
Source: IBGE
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100
125
150
175
200
225
Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
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Index: 1992 = 100
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55
70
85
100
115
130
Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
IIC IIF IIA
Index: average 1996 = 100
Source: Fecomercio SP
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4
5
6
7
8
9
Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
%
Monthly 12 month averageSource: IBGE
��������������� �Seasonally adjusted indices
105
110
115
120
125
130
Dec1999
Feb2000
Apr Jun Aug Oct Dec Feb2001
Apr Jun Aug Oct Dec Feb2002
Apr Jun Aug Oct
12 month average Monthly
Index: 1993 = 100
Source: IBGE
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0
5
10
15
20
25
30
Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
IPCA (IBGE) IPA-DI (FGV)
% 12 months
Source: IBGE and FGV
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0
1
2
3
4
Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
General index TradablesNon-tradables Monitored prices
% monthly
Source: IBGE
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18
22
26
30
Jan2000
Mar May Jul Sep Nov Jan2001
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% p.y.
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0
5
10
15
20
25
30
35
40
Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
Direct investment Current account deficit
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3000
4000
5000
6000
7000
Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
-1000
-500
0
500
1000
1500
2000
2500
Exports Imports Balance
Export and import
Source: MDIC/Secex
Balance
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Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
% p.y.
Fed funds target T.Bonds 30 yearsT.Bills 3 monthsSource: FR and Bloomberg
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Jan2000
Mar May Jul Sep Nov Jan2001
Mar May Jul Sep Nov Jan2002
Mar May Jul Sep Nov
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I - Economic activity
Boletim do Banco Central do Brasil January 2003
34
I.1 - National accounts
Itemization 1998 1999 2000 2001
GDP at market prices (R$ thousand) 914 187 877 973 845 966 1 101 255 078 1 200 060 364
Real GDP change rate (%) 0.1 0.8 4.4 1.4
Implicit GDP deflator (%) 4.9 5.7 8.4 7.5
Nominal GDP change rate (%) 5.0 6.5 13.1 9.0
Net income/payments abroad (R$ thousand)1/ 21 241 283 34 106 815 32 810 075 46 468 006
GNP at market prices (R$ thousand) 892 946 594 939 739 151 1 068 445 003 1 153 592 358
Other current transfers (R$ thousand) 1 661 137 3 026 999 2 798 562 3 929 739
Gross national disposable income (R$ thousand) 894 607 731 942 766 150 1 071 243 565 1 157 522 097
Final consumption (R$ thousand) 741 038 299 792 528 541 880 655 448 957 835 912
Gross savings (R$ thousand) 153 569 432 150 237 609 190 588 117 199 686 185
Gross capital formation (R$ thousand) 193 055 958 196 335 889 237 254 899 254 126 356
Capital transfers (R$ thousand) 32 687 47 690 - 7 922 - 63 192
Balance of payments deficit in current account (R$ thousand) - 39 453 839 - 46 050 590 - 46 674 704 - 54 503 363
GDP (US$ billion)2/ 787.9 536.6 602.2 510.4
Source: Bacen and IBGE
1/ Nonresident employees earnings included.2/ Banco Central do Brasil estimates.
Boletim do Banco Central do Brasil January 2003
35
I.2 - Gross Domestic Product (GDP)
Year GDP at current Implicit Real change rates (%) Real GDP Population Per capita GDP
prices in R$ deflator index (1,000 inh.)
(%) Agricul- Industry Services GDP 2001=100 At constant Real change Real index
ture and 2001 prices rate (%) 2001=100
livestock (R$)
1986 1 274 149.2 - 8.0 11.7 8.1 7.5 74.4 134 653 6 627.79 5.4 95.2
1987 4 038 206.2 15.0 1.0 3.1 3.5 77.0 137 268 6 731.03 1.6 96.7
1988 29 376 628.0 0.8 - 2.6 2.3 - 0.1 76.9 139 819 6 604.26 - 1.9 94.9
1989 425 595 1 304.4 2.8 2.9 3.5 3.2 79.4 142 307 6 693.84 1.4 96.2
1990 11 548 795 2 737.0 - 3.7 - 8.2 - 0.8 - 4.3 75.9 147 594 6 173.30 - 7.8 88.7
1991 60 285 999 416.7 1.4 0.3 2.0 1.0 76.7 149 926 6 139.88 - 0.5 88.2
1992 640 958 768 969.0 4.9 - 4.2 1.5 - 0.5 76.3 152 227 6 014.20 - 2.0 86.4
1993 14 097 114 182 1 996.2 - 0.1 7.0 3.2 4.9 80.0 154 513 6 217.02 3.4 89.3
1994 349 204 679 000 2 240.2 5.5 6.7 4.7 5.9 84.7 156 775 6 485.95 4.3 93.2
1995 646 191 517 000 77.5 4.1 1.9 1.3 4.2 88.3 159 016 6 664.63 2.8 95.7
1996 778 886 727 000 17.4 3.1 3.3 2.3 2.7 90.7 161 247 6 747.16 1.2 96.9
1997 870 743 034 000 8.3 - 0.8 4.6 2.6 3.3 93.6 163 471 6 873.08 1.9 98.7
1998 914 187 877 000 4.9 1.3 - 1.0 0.9 0.1 93.7 165 688 6 790.06 - 1.2 97.5
1999 973 845 966 000 4.6 8.3 - 2.2 2.0 0.8 94.5 167 910 6 752.84 - 0.5 97.0
2000 1 101 255 078 000 8.0 2.1 4.8 3.8 4.4 98.6 170 143 6 954.82 3.0 99.9
2001 1 200 060 364 000 7.5 5.7 - 0.3 1.9 1.4 100.0 172 386 6 961.47 0.1 100.0
Source: IBGE
Boletim do Banco Central do Brasil January 2003
36
I.3 - Economic indicators
1992 average=100
Period Industrial production Level of Capacity utilization Real industrial sales Hours worked
Activity in manufacturing in production
Total Manufacturing Mineral Indicator industry1/ in manufacturing
industry extraction (INA) industry
(SP) (SP) (CNI)2/ (SP) (CNI)2/ (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 70.69 72.29 100.00 100.00 100.00 100.00
1993 107.51 108.07 100.63 108.56 74.69 75.23 108.72 106.65 100.51 98.19
1994 115.68 116.53 105.38 118.01 77.44 77.13 124.26 116.25 99.39 98.24
1995 117.80 118.54 108.85 120.02 78.78 78.05 141.64 127.37 98.67 98.01
1996 119.84 119.87 119.46 118.45 78.44 78.19 150.65 134.92 89.35 89.17
1997 124.50 124.20 128.10 124.12 79.21 78.71 168.60 146.69 86.10 86.12
1998 121.97 120.15 144.04 121.07 78.84 78.24 168.84 144.38 79.79 79.77
1999 121.18 118.22 157.14 115.98 78.03 78.23 168.33 146.00 70.44 72.75
2000 129.23 125.38 175.89 123.56 81.63 80.70 191.42 161.75 73.74 75.72
2001 131.08 126.89 181.98 126.71 80.76 80.32 217.49 180.78 74.45 77.16
2001 Jan 123.66 118.26 189.25 112.69 80.60 80.35 190.95 160.29 72.98 74.35
Feb 119.34 114.88 173.42 111.94 81.40 80.43 189.44 156.92 71.80 73.38
Mar 135.35 131.53 181.70 128.75 82.30 81.88 227.62 185.78 77.74 80.06
Apr 127.18 123.15 176.12 119.91 82.08 81.06 212.12 173.88 74.03 76.38
May 137.97 134.92 174.89 136.29 83.10 81.81 236.63 195.60 78.30 81.24
Jun 131.60 127.66 179.38 131.02 81.30 80.48 224.81 186.63 75.19 78.10
Jul 137.30 133.26 186.29 135.23 81.10 80.22 226.49 191.08 75.43 79.05
Aug 141.30 137.77 184.28 143.50 80.90 80.39 233.52 193.38 77.09 80.46
Sep 132.14 128.10 181.11 134.28 79.70 79.93 222.10 186.10 72.94 75.70
Oct 137.15 134.31 171.45 134.57 80.20 80.38 231.18 194.10 75.96 79.58
Nov 133.23 128.88 185.95 127.34 80.00 79.94 221.66 183.48 73.13 76.47
Dec 116.75 109.90 199.99 105.02 76.40 76.92 193.41 162.14 68.84 71.09
2002 Jan 122.20 115.56 202.78 110.67 79.00 78.70 198.37 163.35 71.98 74.87
Feb 117.81 112.50 182.29 110.29 79.90 79.10 193.23 157.19 70.51 73.16
Mar 130.42 124.21 205.76 118.52 81.60 80.78 209.44 175.45 74.07 77.71
Apr 134.97 129.60 200.26 124.40 82.20 81.53 220.98 182.30 75.90 80.56
May 136.64 130.78 207.72 128.74 81.59 81.16 216.72 181.29 75.01 80.33
Jun 132.49 126.64 203.43 126.37 80.17 80.10 207.87 179.26 73.36 78.58
Jul 141.68 136.41 205.70 133.81 81.39 81.13 226.61 194.68 74.41 81.83
Aug 142.47 136.81 211.30 134.02 82.43 81.66 228.85 197.86 74.40 81.65
Sep 139.26 134.12 201.84 132.10 81.71 81.38 233.22 200.46 72.89 79.43
Oct 149.19 144.21 209.67 135.49 83.30 82.46 248.91 216.46 76.14 82.93
Nov 139.29 134.76 194.21 ... ... 80.99 ... 188.67 ... 79.32
(continues)
Boletim do Banco Central do Brasil January 2003
37
I.3 - Economic indicators
(concluded) 1992 average=100
Period Own Corrugated Retail trade Consultations Industrial employment Real Real industrial Productivity
electric paper real sales with telephone industrial overall wages3/ in the
charge shipments check & credit wages3/ manufacturing
department industry4/
(SP) (RMSP) (SP) (SP) (CNI)2/ (SP) (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1993 104.53 120.44 112.66 101.72 96.29 96.72 111.31 107.33 102.87 109.93
1994 108.90 132.47 138.48 103.97 93.96 95.43 121.42 114.15 107.54 118.43
1995 113.36 138.46 160.68 123.05 92.57 94.38 132.02 122.30 118.15 121.13
1996 116.58 150.83 156.19 152.75 84.52 87.40 139.25 117.81 115.54 134.35
1997 124.15 162.55 152.91 200.15 81.15 83.82 146.86 119.29 116.92 144.04
1998 126.67 165.26 158.28 220.47 76.92 78.83 153.64 118.26 111.18 150.51
1999 125.37 171.43 157.34 207.37 72.24 74.20 151.18 109.86 100.85 162.30
2000 135.83 179.59 173.75 223.57 72.94 74.78 155.22 113.98 103.67 165.43
2001 121.71 178.89 164.13 230.26 73.37 75.65 164.72 121.24 106.97 164.42
2001 Jan 138.12 181.19 163.29 213.98 73.50 75.32 163.88 121.22 106.75 159.11
Feb 137.33 164.42 156.85 200.96 73.75 75.62 163.07 121.05 105.87 156.62
Mar 145.55 188.72 171.94 230.79 73.80 75.69 163.43 121.39 106.87 164.39
Apr 141.01 181.49 165.21 206.34 73.90 75.93 166.22 123.64 108.57 161.37
May 130.91 183.48 163.62 245.26 74.04 76.39 168.57 125.00 109.47 166.20
Jun 107.08 172.92 150.26 233.18 73.88 76.37 164.12 121.45 107.44 163.60
Jul 104.43 175.33 151.88 236.23 73.64 76.20 164.57 121.38 107.82 168.71
Aug 107.93 181.08 152.85 240.43 73.28 75.73 163.73 120.16 106.50 171.35
Sep 108.07 170.93 151.04 214.45 72.99 75.62 159.53 116.62 104.51 169.34
Oct 115.28 192.41 162.64 221.53 72.92 75.33 160.81 117.42 104.72 168.92
Nov 114.38 188.24 164.12 229.59 72.56 74.95 167.30 121.58 107.53 168.68
Dec 110.49 166.46 215.81 290.35 72.23 74.58 171.41 124.01 107.59 154.74
2002 Jan 115.50 176.63 154.39 218.55 72.17 74.61 171.66 124.08 105.84 154.41
Feb 121.34 163.10 145.52 203.51 72.02 74.64 171.39 123.62 104.77 153.85
Mar 127.93 188.20 169.40 216.99 72.02 75.06 173.78 125.34 106.22 159.91
Apr 131.75 195.08 157.28 226.48 72.08 75.59 176.55 127.45 107.62 160.95
May 125.57 190.83 173.92 248.39 72.01 75.93 177.18 127.76 108.66 162.86
Jun 121.34 170.82 157.09 240.68 71.87 76.01 174.09 125.31 107.24 161.23
Jul 123.90 180.90 159.72 267.91 71.72 75.94 175.78 126.27 107.44 166.77
Aug 128.10 202.26 178.10 263.83 71.39 75.92 173.50 124.06 106.09 167.61
Sep 127.56 193.23 171.60 245.09 71.36 75.97 172.15 123.03 105.54 168.93
Oct 138.03 204.57 182.94 249.53 71.42 76.07 172.13 123.11 105.77 173.97
Nov 134.33 198.64 180.89 245.00 ... 75.69 ... ... 106.41 169.96
Source: ABPO, ACSP, CNI, Eletrobrás, Fecomercio SP, Fiesp and IBGE
1/ Percentage of maximum operating capacity utilized in the month. The complement to 100 stands for the average level of idleness.2/ Produced from the research of the industry federation of the following states: AM, CE, PE,BA, ES, MG, RJ, SP, PR, SC, RS and GO.
3/ Deflated by IPC-Fipe.4/ Ratio between physical production in the manufacturing industry as announced by the IBGE and hours worked in the manufacturing industry, as announced by the CNI.
Boletim do Banco Central do Brasil January 2003
38
I.4 - Economic indicators - seasonally adjusted
1992 average=100
Period Industrial production Level of Capacity utilization Real industrial sales Hours worked
Activity in manufacturing in production
Total Manufacturing Mineral Indicator industry1/ in manufacturing
industry extraction (INA) industry
(SP) (SP) (CNI)2/ (SP) (CNI)2/ (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 70.74 72.29 100.00 100.00 100.00 100.00
1993 107.63 108.19 100.58 108.56 74.74 75.23 109.05 106.87 100.73 98.41
1994 115.87 116.72 105.37 118.01 77.48 77.10 124.44 116.44 99.73 98.56
1995 118.26 119.03 108.88 120.02 78.80 78.06 142.12 128.02 98.90 98.35
1996 119.41 119.41 119.44 118.45 78.44 78.18 150.29 134.71 89.19 89.09
1997 124.49 124.15 128.01 124.12 79.21 78.71 168.46 146.98 86.22 86.33
1998 121.99 120.19 143.89 121.07 78.85 78.25 169.01 144.85 79.91 79.99
1999 121.22 118.22 157.04 115.98 78.05 78.25 168.42 146.25 70.57 72.96
2000 129.20 125.38 175.70 123.56 81.66 80.71 191.51 162.12 73.77 75.84
2001 131.29 127.09 181.94 126.71 80.77 80.33 217.59 181.14 74.61 77.38
2001 Jan 134.88 131.01 182.51 128.21 82.69 81.74 205.15 173.82 75.97 78.06
Feb 134.79 130.53 186.42 128.09 82.55 81.61 211.47 177.09 75.64 78.26
Mar 135.15 131.28 178.98 134.03 81.57 81.30 221.02 181.76 76.51 78.86
Apr 132.54 128.55 181.25 130.61 81.71 81.10 221.30 183.23 75.00 77.94
May 131.88 128.49 177.33 135.69 81.60 80.94 225.84 187.32 75.73 78.44
Jun 130.13 125.75 184.11 125.48 80.69 80.40 225.99 186.04 74.62 77.25
Jul 129.70 125.16 186.64 123.01 80.32 79.92 222.25 186.56 73.85 76.68
Aug 130.18 125.87 182.03 127.41 79.83 79.70 217.75 181.83 74.19 76.75
Sep 129.71 125.37 183.65 122.54 79.51 79.67 217.33 183.76 73.38 76.35
Oct 126.75 123.29 168.57 121.63 79.53 79.53 214.35 179.88 73.71 76.75
Nov 129.22 124.71 184.58 124.32 79.82 79.35 216.15 178.48 73.09 76.27
Dec 130.60 125.02 187.23 119.51 79.48 78.63 212.54 173.87 73.57 76.90
2002 Jan 132.39 127.30 195.62 126.19 80.97 80.03 213.07 177.92 74.74 78.69
Feb 132.52 127.27 195.87 126.44 80.84 80.19 215.33 177.08 74.11 77.84
Mar 131.74 125.16 202.84 123.80 80.83 80.17 206.17 174.47 73.11 77.16
Apr 138.57 133.27 206.10 135.10 81.80 81.54 226.03 187.89 76.08 81.00
May 131.24 124.97 211.23 128.15 80.10 80.28 207.71 173.49 72.71 77.66
Jun 132.54 126.41 208.62 120.83 79.67 80.08 211.76 182.88 73.35 78.66
Jul 132.79 126.95 206.42 121.58 80.69 80.88 217.43 185.81 72.63 78.58
Aug 133.41 127.36 208.92 117.93 81.37 80.98 219.63 190.21 72.42 78.78
Sep 134.87 129.35 204.33 120.37 81.65 81.18 225.33 193.57 72.90 79.30
Oct 137.33 132.02 205.84 122.54 82.67 81.63 230.02 202.38 73.92 80.24
Nov 137.99 133.07 192.88 ... ... 80.41 ... 186.29 ... 80.11
(continues)
Boletim do Banco Central do Brasil January 2003
39
I.4 - Economic indicators - seasonally adjusted
(concluded) 1992 average=100
Period Own Corrugated Retail trade Consultations Industrial employment Real Real industrial Productivity
electric paper real sales with telephone industrial overall wages3/ in the
charge shipments check & credit wages3/ manufacturing
department industry4/
(SP) (RMSP) (SP-Cap.) (SP) (CNI)2/ (SP) (SP) (CNI)2/
1992 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1993 104.78 120.56 112.97 102.02 96.28 96.71 111.42 107.40 102.88 109.92
1994 109.25 132.73 138.39 103.96 93.94 95.40 121.44 114.10 107.46 118.34
1995 113.73 138.36 162.11 122.90 92.53 94.37 131.99 122.18 118.14 121.24
1996 116.52 150.01 156.72 151.98 84.48 87.38 139.19 117.66 115.52 134.29
1997 124.50 162.08 154.30 199.47 81.11 83.80 146.75 119.10 116.90 144.06
1998 127.00 165.02 159.18 221.56 76.89 78.81 153.52 118.08 111.18 150.57
1999 125.68 171.05 157.78 207.93 72.22 74.19 151.10 109.71 100.87 162.31
2000 136.01 179.09 174.20 223.89 72.93 74.77 155.11 113.81 103.67 165.52
2001 121.73 178.75 165.42 231.34 73.35 75.64 164.60 121.07 106.98 164.53
2001 Jan 138.59 186.60 175.86 236.48 73.71 75.80 162.58 120.68 107.52 168.06
Feb 135.20 181.20 180.33 239.99 73.95 76.22 163.16 121.39 107.79 166.85
Mar 137.94 183.42 171.88 242.01 73.90 76.16 162.73 121.00 107.77 167.18
Apr 137.11 182.51 175.24 230.97 73.86 76.08 164.65 122.31 108.56 164.70
May 129.72 178.22 161.39 235.78 73.82 76.05 165.59 122.54 107.94 164.79
Jun 109.47 175.97 161.63 229.69 73.61 75.90 165.09 121.23 107.08 163.24
Jul 108.01 176.64 159.00 230.39 73.39 75.79 164.83 121.24 107.42 164.41
Aug 109.73 173.05 153.37 226.64 73.16 75.39 164.91 120.87 106.72 165.15
Sep 111.76 171.87 158.16 224.86 72.88 75.29 163.61 119.42 105.99 163.85
Oct 113.80 179.43 161.51 215.35 72.80 75.07 164.56 119.96 105.60 160.11
Nov 114.76 179.22 164.01 228.39 72.57 74.87 166.29 120.79 105.89 163.85
Dec 114.64 176.90 162.65 235.53 72.52 75.05 167.17 121.37 105.51 161.35
2002 Jan 115.83 182.09 165.25 240.56 72.40 75.12 170.16 123.37 106.57 162.97
Feb 119.17 180.09 166.24 240.38 72.20 75.24 171.20 123.69 106.50 163.58
Mar 121.68 183.29 170.86 233.52 72.11 75.52 173.08 124.91 107.03 162.65
Apr 126.14 193.29 165.27 245.81 72.00 75.73 174.59 125.85 107.42 164.39
May 124.15 185.36 171.57 239.69 71.77 75.55 173.88 125.10 106.99 161.98
Jun 126.12 176.44 171.68 242.88 71.60 75.52 175.01 125.04 106.75 161.47
Jul 128.29 180.47 166.04 250.87 71.49 75.55 176.12 126.20 107.04 162.54
Aug 131.35 196.92 179.60 248.78 71.32 75.64 175.02 125.02 106.40 161.67
Sep 131.75 192.18 180.84 259.13 71.29 75.69 176.91 126.28 107.17 163.56
Oct 136.14 191.37 180.18 244.38 71.32 75.76 176.46 126.05 106.82 164.94
Nov 135.15 191.00 180.79 242.66 ... 75.66 ... ... 105.15 164.88
Source: ABPO, ACSP, CNI, Eletrobrás, Fecomercio SP, Fiesp and IBGE
1/ Percentage of maximum operating capacity utilized in the month. The complement to 100 stands for the average level of idleness.2/ Produced from the research of the industry federation of the following states: AM, CE, PE,BA, ES, MG, RJ, SP, PR, SC, RS and GO.
3/ Deflated by IPC-Fipe.4/ Ratio between physical production in the manufacturing industry as announced by the IBGE and hours worked in the manufacturing industry, as announced by the CNI.
Boletim do Banco Central do Brasil January 2003
40
I.5 - Industrial production indicators
Annual change (%)
Itemization 1995 1996 1997 1998 1999 2000 2001 20021/
Total 1.8 1.7 3.9 - 2.0 - 0.7 6.6 1.5 2.1
Mineral extraction 3.3 9.8 7.2 12.4 9.1 11.9 3.5 12.2
Manufacturing industry 1.7 1.1 3.6 - 3.3 - 1.6 6.1 1.2 0.9
By segment
Nonmetallic minerals 4.1 6.3 7.4 - 0.4 - 3.1 1.8 - 1.8 - 0.8
Metallurgy - 1.8 1.6 6.0 - 3.8 - 1.1 7.6 0.7 2.2
Mechanics - 4.5 - 12.8 7.2 - 4.0 - 7.2 18.0 5.2 7.9
Electric and communications equipment 14.6 4.7 - 1.8 - 9.8 - 11.4 12.1 6.9 - 12.4
Transportation equipment 4.1 - 0.3 10.7 - 14.2 - 5.1 18.8 5.2 0.2
Wood - 3.4 2.1 3.9 - 6.2 7.0 3.1 - 0.3 - 2.3
Furniture 6.2 13.7 - 1.5 - 8.2 - 2.2 7.7 - 1.1 0.8
Paper and cardboard 0.4 2.9 2.9 0.3 6.3 4.1 0.1 1.8
Rubber - 0.3 - 0.5 4.1 - 7.6 4.6 11.8 - 4.5 1.3
Leather and hides - 16.7 - 1.9 - 1.7 - 13.6 - 3.6 - 7.8 - 9.4 - 4.8
Chemicals - 0.5 5.0 5.1 4.0 0.9 1.7 - 0.7 1.4
Pharmaceuticals 18.1 - 8.6 11.4 4.0 - 0.4 - 2.0 - 1.0 3.6
Perfumes, soaps and candles 5.3 4.1 5.2 3.2 7.2 2.6 - 1.1 1.3
Plastics 9.7 11.3 3.6 - 2.4 - 6.3 - 2.6 - 5.0 - 1.8
Textiles - 5.8 - 5.8 - 6.5 - 6.8 2.1 6.0 - 5.5 - 1.2
Clothing, footwear and cloth goods - 6.9 - 2.5 - 6.7 - 4.6 - 3.3 6.7 - 6.8 - 2.1
Food products 7.7 5.3 1.0 1.3 3.1 - 2.1 5.1 4.0
Beverages 17.2 - 3.3 - 0.3 - 2.2 0.0 4.0 0.3 0.4
Tobacco - 5.1 12.5 22.2 - 22.7 - 7.1 - 7.8 - 4.7 23.5
By category of use
Capital goods 0.3 - 14.1 4.8 - 1.6 - 9.1 13.1 12.7 - 1.3
Intermediate goods 0.2 2.9 4.6 - 0.7 1.9 6.8 - 0.2 2.7
Consumer goods 6.2 5.3 1.2 - 5.4 - 2.8 3.5 1.3 0.5
Durable 14.5 11.2 3.5 - 19.6 - 9.3 20.8 - 0.6 2.2
Semidurable and nondurable 4.2 3.7 0.5 - 1.1 - 1.2 - 0.4 1.8 0.1
Source: IBGE
1/ Production in the period January-November/2002 compared to that of the same period of the previous year.
Boletim do Banco Central do Brasil January 2003
41
I.6 - Automotive industry
Units
Period Production Sales Imports
Domestic External Total
Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated Monthly Accumulated
average average average average average
1993 115 948 1 391 376 88 461 1 061 526 27 411 328 935 115 872 1 390 461 6 811 81 735
1994 131 993 1 583 912 100 608 1 207 299 31 337 376 042 131 945 1 583 341 14 812 177 738
1995 135 751 1 629 008 113 323 1 359 879 22 516 270 187 135 839 1 630 066 34 161 409 933
1996 150 361 1 804 328 125 565 1 506 782 24 613 295 359 150 178 1 802 141 16 755 201 063
1997 172 475 2 069 703 136 687 1 640 243 34 739 416 872 171 426 2 057 115 27 283 327 398
1998 132 136 1 585 630 98 921 1 187 050 33 300 399 597 132 221 1 586 647 29 167 349 998
1999 113 060 1 356 714 89 851 1 078 215 22 900 274 799 112 751 1 353 014 13 844 166 132
2000 140 937 1 691 240 109 525 1 314 303 30 942 371 299 140 467 1 685 602 15 382 184 578
2001 151 010 1 812 119 118 583 1 422 998 32 366 388 394 150 949 1 811 392 15 809 189 709
Monthly Monthly Monthly Monthly Monthly
2001 Jan 122 286 122 286 103 137 103 137 18 397 18 397 121 534 121 534 17 325 17 325
Feb 143 598 265 884 115 957 219 094 23 635 42 032 139 592 261 126 15 538 32 863
Mar 181 504 447 388 147 031 366 125 34 070 76 102 181 101 442 227 18 634 51 497
Apr 168 774 616 162 136 735 502 860 35 600 111 702 172 335 614 562 22 612 74 109
May 198 354 814 516 144 430 647 290 41 875 153 577 186 305 800 867 18 395 92 504
Jun 168 665 983 181 124 294 771 584 39 016 192 593 163 310 964 177 19 720 112 224
Jul 157 791 1 140 972 111 411 882 995 35 003 227 596 146 414 1 110 591 17 083 129 307
Aug 155 167 1 296 139 118 153 1 001 148 31 175 258 771 149 328 1 259 919 15 343 144 650
Sep 139 950 1 436 089 88 877 1 090 025 36 931 295 702 125 808 1 385 727 13 229 157 879
Oct 130 560 1 566 649 99 821 1 189 846 38 957 334 659 138 778 1 524 505 11 704 169 583
Nov 136 485 1 703 134 118 164 1 308 010 31 237 365 896 149 401 1 673 906 11 052 180 635
Dec 108 985 1 812 119 114 988 1 422 998 22 498 388 394 137 486 1 811 392 9 074 189 709
2002 Jan 124 112 124 112 98 375 98 375 16 623 16 623 114 998 114 998 8 261 8 261
Feb 123 886 247 998 100 734 199 109 22 014 38 637 122 748 237 746 6 665 14 926
Mar 154 055 402 053 122 682 321 791 29 431 68 068 152 113 389 859 9 965 24 891
Apr 167 659 569 712 125 010 446 801 34 756 102 824 159 766 549 625 10 216 35 107
May 160 845 730 557 108 938 555 739 42 396 145 220 151 334 700 959 12 752 47 859
Jun 140 092 870 649 103 452 659 191 33 323 178 543 136 775 837 734 9 892 57 751
Jul 141 521 1 012 170 104 270 763 461 37 540 216 083 141 810 979 544 11 008 68 759
Aug 139 284 1 151 454 119 541 883 002 34 226 250 309 153 767 1 133 311 11 007 79 766
Sep 154 407 1 305 861 121 103 1 004 105 38 219 288 528 159 322 1 292 633 7 725 87 491
Oct 172 670 1 478 531 141 604 1 145 709 40 636 329 164 182 240 1 474 873 12 060 99 551
Nov 158 020 1 636 551 116 894 1 262 603 37 868 367 032 154 762 1 629 635 10 866 110 417
Source: Anfavea and MDIC/Secex
Boletim do Banco Central do Brasil January 2003
42
I.7 - Crop production (major crops)
1000 t
Itemization 1993 1994 1995 1996 1997 1998 1999 2000 2001 20021/
Grain production 68 953 75 174 79 376 73 611 77 517 75 178 82 356 83 250 98 544 97 156
Cotton (seed) 795 957 1 016 708 585 824 990 1 307 1 718 1 409
Rice (in husk) 10 143 10 499 11 226 9 990 9 293 7 744 11 710 11 135 10 195 10 495
Beans 2 480 3 368 2 946 2 822 2 990 2 200 2 831 3 056 2 436 3 056
Corn 30 004 32 487 36 275 32 185 34 602 29 494 32 239 32 321 41 439 35 468
Soybeans 22 558 24 912 25 651 23 562 26 431 31 374 30 987 32 821 37 683 41 937
Wheat 2 153 2 092 1 534 3 359 2 441 2 232 2 462 1 726 3 261 3 105
Others 820 859 728 985 1 175 1 310 1 137 884 1 812 1 686
Other crops
Bananas (millions of bunches) 559 572 568 562 595 533 547 566 5 959 6 418
White potatoes 2 360 2 480 2 677 2 703 2 757 2 675 2 905 2 607 2 787 2 863
Cocoa (beans) 340 330 296 257 285 280 205 197 184 173
Coffee (beans) 2 555 2 613 1 858 2 686 2 343 3 450 3 263 3 807 1 918 2 432
Sugarcane 244 303 292 070 303 557 325 929 337 255 338 972 333 848 326 121 345 941 373 540
Tobacco (in leaf) 657 519 455 471 620 510 630 580 565 657
Oranges (millions of fruits) 93 855 87 091 98 066 109 325 114 891 103 659 114 398 106 651 16 844 18 904
Cassava 21 865 24 452 25 316 24 584 24 310 19 661 20 864 23 041 22 479 22 878
Tomatoes 2 340 2 678 2 700 2 675 2 602 2 755 3 305 3 005 3 043 3 578
Real output change of crop sector (%) - 2.4 6.4 0.0 3.4 - 0.1 1.3 8.3 2.8 ... ...
Source: IBGE
1/ Refers to the November/2002 Systematic Survey of Agricultural Production.
Boletim do Banco Central do Brasil January 2003
43
I.8 - Formal employment level index - Brazil
December 2001 = 100
Period Total Manufacturing industry Commerce Services Building
Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally Observed Seasonally
data adjusted data adjusted data adjusted data adjusted data adjusted
1989 Dec 109.20 108.53 128.17 127.65 98.14 98.03 97.66 97.46 145.66 144.09
1990 Dec 104.85 104.30 117.87 117.54 95.98 96.01 95.55 95.37 133.79 132.64
1991 Dec 102.23 101.79 112.64 112.48 91.55 91.71 94.44 94.30 131.38 130.52
1992 Dec 99.33 99.00 106.81 106.77 88.56 88.83 92.80 92.72 125.46 124.85
1993 Dec 100.01 99.74 107.61 107.63 90.20 90.53 93.70 93.66 123.04 122.52
1994 Dec 101.25 101.01 109.28 109.30 92.30 92.66 94.95 94.93 121.11 120.62
1995 Dec 99.51 99.28 104.40 104.40 91.88 92.21 94.56 94.54 117.48 117.03
1996 Dec 98.30 98.09 101.78 101.77 91.51 91.79 94.01 93.99 115.76 115.38
1997 Dec 97.90 97.72 99.74 99.75 92.57 92.79 93.94 93.92 116.44 116.16
1998 Dec 95.29 95.16 94.03 94.04 91.29 91.44 93.10 93.08 111.57 111.41
1999 Dec 94.43 94.35 94.30 94.30 91.60 91.68 93.26 93.23 102.67 102.60
2000 Dec 97.38 97.29 98.01 97.95 95.45 95.43 96.50 96.43 102.73 102.64
2001 Jan 97.59 97.59 98.48 98.41 95.25 95.61 96.65 96.71 103.21 102.57
Feb 97.96 97.89 98.72 98.71 95.36 95.96 97.16 97.06 103.44 102.69
Mar 98.11 98.04 98.73 98.72 95.31 96.16 97.54 97.40 103.62 102.65
Apr 98.72 98.26 99.28 98.90 95.90 96.59 98.14 97.68 104.78 102.80
May 99.44 98.48 99.89 98.97 96.30 96.93 98.47 97.92 104.95 102.68
Jun 99.92 98.62 100.07 99.03 96.68 97.19 98.66 98.00 104.92 102.23
Jul 100.24 98.83 100.03 99.00 96.99 97.51 99.09 98.40 104.86 101.83
Aug 100.46 98.94 100.05 98.95 97.40 97.88 99.55 98.69 104.49 101.25
Sep 100.82 99.08 100.68 98.95 98.04 98.31 99.96 98.94 104.17 100.68
Oct 101.16 99.47 101.18 99.21 98.85 98.84 100.29 99.30 103.85 100.42
Nov 101.14 99.81 101.20 99.59 99.99 99.52 100.52 99.69 102.83 100.29
Dec 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
2002 Jan 100.21 100.27 100.29 100.25 100.05 100.45 100.22 100.33 100.16 99.63
Feb 100.59 100.55 100.46 100.46 100.31 100.93 100.67 100.59 100.33 99.62
Mar 101.01 100.96 100.92 100.91 100.56 101.44 101.11 100.96 100.61 99.66
Apr 101.83 101.35 101.79 101.38 100.99 101.72 101.73 101.25 101.46 99.48
May 102.55 101.56 102.29 101.34 101.42 102.11 102.12 101.55 101.23 99.01
Jun 103.17 101.84 102.49 101.46 102.04 102.61 102.51 101.83 101.34 98.75
Jul 103.45 102.00 102.51 101.49 102.48 103.09 102.66 101.97 101.50 98.60
Aug 103.81 102.25 102.85 101.76 103.09 103.65 103.12 102.25 101.71 98.59
Sep 104.58 102.77 104.29 102.51 104.19 104.49 103.72 102.67 102.17 98.77
Oct 104.75 102.99 104.61 102.58 105.04 105.03 103.97 102.94 102.05 98.69
Nov 104.70 103.22 104.39 102.67 106.36 105.70 104.08 103.11 101.19 98.61
Source: Ministério do Trabalho e Emprego
Boletim do Banco Central do Brasil January 2003
44
I.9 - Unemployment rate1/
Period Average rate São Paulo Rio de Janeiro Belo Horizonte Porto Alegre Salvador Recife
1989 Dec 2.36 1.95 2.51 2.40 2.04 3.80 3.51
1990 Dec 3.93 4.22 3.07 3.37 3.91 5.70 4.59
1991 Dec 4.15 4.98 3.04 3.15 3.33 5.23 4.72
1992 Dec 4.50 4.78 3.47 4.00 3.92 6.24 6.61
1993 Dec 4.39 4.58 3.90 3.60 3.27 6.07 6.04
1994 Dec 3.42 3.61 2.70 2.87 2.92 5.81 4.01
1995 Dec 4.44 5.09 3.15 3.56 4.40 6.49 4.41
1996 Dec 3.82 4.06 2.90 4.16 4.13 5.41 3.10
1997 Dec 4.84 5.18 3.76 4.60 4.09 7.64 4.96
1998 Dec 6.32 7.26 4.07 5.96 6.00 8.39 7.14
1999 Dec 6.28 6.51 4.54 6.92 6.31 9.33 6.37
2000 Dec 4.83 4.60 3.31 5.92 5.18 7.49 6.30
2001 Jan 5.70 5.62 3.90 7.32 5.93 8.29 6.64
Feb 5.72 5.81 3.36 7.53 5.40 9.34 6.85
Mar 6.46 6.24 4.54 8.54 5.95 10.15 7.93
Apr 6.51 6.60 4.66 7.50 5.84 10.30 7.89
May 6.86 7.11 5.18 7.47 5.92 10.08 7.94
Jun 6.38 6.54 4.41 7.41 5.42 9.37 8.65
Jul 6.19 6.18 4.67 6.95 5.45 8.68 8.52
Aug 6.18 6.33 4.17 7.30 5.28 9.35 8.50
Sep 6.15 6.59 3.76 7.49 5.13 8.01 8.87
Oct 6.55 6.95 4.59 7.38 5.86 7.92 8.88
Nov 6.40 6.94 4.72 6.93 5.51 7.77 7.74
Dec 5.60 5.83 4.60 6.48 3.95 7.99 5.86
2002 Jan 6.83 7.22 5.69 8.14 5.04 9.66 5.68
Feb 6.98 8.30 4.56 7.21 6.30 7.57 7.17
Mar 7.09 8.01 5.89 7.34 5.63 8.27 6.00
Apr 7.57 8.94 6.27 7.10 6.46 6.54 6.98
May 7.70 9.24 5.68 7.95 5.63 7.94 7.69
Jun 7.50 8.74 5.87 7.02 6.20 8.29 7.74
Jul 7.53 8.88 5.95 7.23 6.20 7.95 7.18
Aug 7.30 8.88 5.34 6.83 6.35 8.13 6.27
Sep 7.51 9.25 5.45 6.54 6.42 7.65 7.44
Oct 7.36 9.06 5.41 6.54 5.86 6.94 7.86
Nov 7.07 8.36 5.19 7.48 5.11 6.31 8.68
Source: IBGE
1/ Obtained on basis of ratio of number of people seeking employment or awaiting the result of an employment proposal at the time of the survey to the number of economically active people of 15 years of age or more.
Boletim do Banco Central do Brasil January 2003
45
I.10 - Real average earnings of occupied people - seasonally adjusted1/
1993=100
Period Total By areas of activity By different types of employment
Manufacturing Building Commerce Services Other Registered Nonregistered Self-employed Employer
industry activities
1993 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1994 105.84 102.74 103.32 110.78 106.70 105.39 100.77 105.07 113.60 135.53
1995 116.72 108.81 121.97 123.93 118.39 121.29 104.49 120.44 141.10 151.32
1996 125.36 115.37 133.40 132.41 129.09 125.92 112.68 128.46 151.36 155.26
1997 127.93 116.80 136.31 133.99 132.07 132.83 115.83 133.05 154.74 152.28
1998 127.45 116.52 128.78 127.50 133.38 136.41 115.85 133.80 148.39 157.83
1999 120.53 107.89 120.07 118.97 126.96 132.12 111.02 132.12 137.64 140.82
2000 119.85 105.87 122.39 122.15 125.74 129.83 109.88 132.98 136.58 141.18
2001 Jan 118.21 104.39 120.19 117.75 125.48 127.76 109.48 131.71 138.17 139.03
Feb 119.21 102.66 119.19 116.35 126.19 129.38 108.89 131.03 138.91 145.49
Mar 118.76 104.12 122.61 119.74 124.54 128.61 108.33 130.82 140.46 145.00
Apr 118.14 103.11 119.82 122.98 124.41 129.38 107.94 131.11 137.67 143.15
May 115.71 101.30 117.20 114.79 122.67 128.04 105.78 129.99 134.96 134.74
Jun 115.72 102.28 123.87 115.33 121.62 125.20 105.21 128.65 135.14 140.21
Jul 115.84 101.66 119.02 120.05 121.14 128.63 105.40 131.91 131.98 139.39
Aug 114.23 97.76 114.82 112.93 121.28 127.34 102.76 129.69 133.49 138.80
Sep 113.20 98.73 109.43 112.31 119.68 127.61 102.09 131.97 132.15 128.80
Oct 112.87 99.86 111.42 112.48 118.27 127.34 103.60 129.99 131.15 129.86
Nov 111.33 97.53 107.49 109.00 116.85 125.24 100.28 127.21 131.97 131.70
Dec 110.05 93.11 106.66 108.69 116.77 125.87 96.31 127.77 130.61 133.13
2002 Jan 112.30 99.45 105.38 108.36 118.81 129.50 101.79 129.40 129.47 136.01
Feb 111.92 100.16 105.90 109.74 115.54 131.25 102.02 129.81 124.59 130.12
Mar 112.44 98.41 108.27 106.18 118.63 130.78 103.15 130.64 128.24 124.87
Apr 113.07 102.27 113.66 103.99 120.13 131.02 102.53 132.24 132.93 126.54
May 113.47 99.71 111.56 107.15 119.67 136.39 102.25 134.93 135.41 128.03
Jun 112.03 95.77 107.73 104.45 119.42 136.08 101.88 131.30 131.65 125.42
Jul 112.02 99.39 109.38 104.31 117.88 140.43 101.66 130.68 132.48 128.10
Aug 111.22 99.34 109.30 105.73 115.61 136.30 101.57 130.27 128.03 124.01
Sep 110.78 98.36 108.52 106.37 115.58 134.40 100.40 128.43 126.58 131.12
Oct 108.75 95.18 106.63 101.15 114.04 133.02 98.55 126.57 126.12 127.64
Source: IBGE
1/ Deflated by INPC. Informations gathered in metropolitan areas of Recife, Salvador, Belo Horizonte, Rio de Janeiro, São Paulo and Porto Alegre.
Boletim do Banco Central do Brasil January 2003
46
I.11 - Price indices
Percentage change
Period IGP-DI1/ IPA-DI2/ INCC3/ IPC-BR4/
Average In 12 months Average In 12 months Average In 12 months Average In 12 months
1991 414.71 480.18 404.67 471.67 384.28 486.33 440.83 493.79
1992 991.39 1 157.95 976.91 1 154.18 1 071.92 1 194.51 998.49 1 156.15
1993 2 103.68 2 708.55 2 065.39 2 639.27 2 124.19 2 763.64 2 169.16 2 828.74
1994 2 123.60 909.61 2 015.72 857.75 2 250.48 961.39 2 287.96 992.03
1995 59.65 14.78 51.39 6.39 72.57 31.45 71.87 25.91
1996 11.10 9.34 6.33 8.09 15.19 9.56 18.22 11.34
1997 7.91 7.48 8.14 7.78 7.43 6.81 7.73 7.21
1998 3.89 1.70 3.55 1.51 4.87 2.75 4.12 1.66
1999 11.32 19.98 16.56 28.90 5.35 9.21 4.87 9.12
2000 13.77 9.81 18.11 12.06 9.43 7.66 7.48 6.21
2001 10.37 10.40 12.61 11.87 7.60 8.85 6.91 7.94
Monthly Monthly Monthly Monthly
2001 Jan 0.49 9.23 0.40 11.37 0.58 7.14 0.64 5.82
Feb 0.34 9.38 0.31 11.52 0.34 6.68 0.40 6.19
Mar 0.80 10.06 1.01 12.71 0.27 6.38 0.56 6.24
Apr 1.13 11.16 1.39 14.30 0.36 6.13 0.86 6.89
May 0.44 10.90 0.18 13.72 2.11 6.93 0.41 6.89
Jun 1.46 11.49 1.96 14.29 1.16 7.39 0.52 7.46
Jul 1.62 10.78 1.93 13.33 0.52 7.62 1.36 6.88
Aug 0.90 9.79 1.13 11.74 0.62 7.87 0.54 6.55
Sep 0.38 9.46 0.48 11.07 0.55 8.19 0.12 6.64
Oct 1.45 10.62 1.88 12.53 0.93 8.83 0.71 7.38
Nov 0.76 11.04 0.73 12.93 0.74 9.18 0.85 7.86
Dec 0.18 10.40 - 0.09 11.87 0.34 8.85 0.70 7.94
2002 Jan 0.19 10.06 - 0.13 11.28 0.36 8.62 0.79 8.10
Feb 0.18 9.89 0.14 11.09 0.58 8.87 0.14 7.82
Mar 0.11 9.14 - 0.11 9.86 0.55 9.17 0.42 7.68
Apr 0.70 8.68 0.75 9.17 0.33 9.13 0.71 7.52
May 1.11 9.40 1.27 10.35 2.53 9.58 0.28 7.39
Jun 1.74 9.70 2.50 10.94 0.57 8.93 0.55 7.42
Jul 2.05 10.17 2.82 11.91 0.29 8.69 1.03 7.07
Aug 2.36 11.76 3.32 14.34 1.00 9.11 0.76 7.31
Sep 2.64 14.28 3.84 18.16 0.71 9.28 0.66 7.89
Oct 4.21 17.40 6.02 22.96 1.13 9.49 1.14 8.35
Nov 5.84 23.31 7.45 31.17 2.45 11.36 3.14 10.80
(continues)
Boletim do Banco Central do Brasil January 2003
47
I.11 - Price indices
(concluded) Percentage change
Period IGP-M5/ IPC-Fipe6/ IPCA7/ INPC8/
Average In 12 months Average In 12 months Average In 12 months Average In 12 months
1991 410.07 458.37 410.59 458.61 432.79 472.70 429.76 475.10
1992 986.77 1 174.47 965.20 1 129.45 951.96 1 119.10 980.80 1 149.06
1993 2 006.78 2 567.33 1 920.41 2 490.99 1 927.38 2 477.15 1 936.32 2 489.11
1994 2 036.30 869.79 2 149.26 941.25 2 075.89 916.46 2 111.61 929.32
1995 58.75 15.24 67.34 23.17 66.01 22.41 65.96 21.98
1996 12.11 9.20 16.48 10.03 15.76 9.56 15.52 9.12
1997 8.02 7.74 6.44 4.82 6.93 5.22 5.99 4.34
1998 4.36 1.78 1.43 - 1.79 3.20 1.65 3.78 2.49
1999 10.73 20.10 2.56 8.64 4.86 8.94 4.85 8.43
2000 14.26 9.95 6.64 4.38 7.04 5.97 6.22 5.27
2 001 10.17 10.38 5.73 7.13 6.84 7.67 7.49 9.44
Monthly Monthly Monthly Monthly
2001 Jan 0.62 9.29 0.38 4.18 0.57 5.92 0.77 5.44
Feb 0.23 9.15 0.11 4.54 0.46 6.27 0.49 5.90
Mar 0.56 9.60 0.51 4.83 0.38 6.44 0.48 6.27
Apr 1.00 10.44 0.61 5.37 0.58 6.61 0.84 7.07
May 0.86 11.05 0.17 5.52 0.41 7.04 0.57 7.73
Jun 0.98 11.19 0.85 6.23 0.52 7.35 0.60 8.06
Jul 1.48 11.09 1.21 6.03 1.33 7.05 1.11 7.76
Aug 1.38 10.01 1.15 5.61 0.70 6.41 0.79 7.31
Sep 0.31 9.08 0.32 5.66 0.28 6.46 0.44 7.32
Oct 1.18 9.95 0.74 6.43 0.83 7.19 0.94 8.16
Nov 1.10 10.84 0.61 7.14 0.71 7.61 1.29 9.24
Dec 0.22 10.38 0.25 7.13 0.65 7.67 0.74 9.44
2002 Jan 0.36 10.10 0.57 7.33 0.52 7.62 1.07 9.77
Feb 0.06 9.92 0.26 7.49 0.36 7.51 0.31 9.57
Mar 0.09 9.40 0.07 7.02 0.60 7.75 0.62 9.72
Apr 0.56 8.92 0.06 6.43 0.80 7.98 0.68 9.55
May 0.83 8.88 0.06 6.31 0.21 7.77 0.09 9.03
Jun 1.54 9.48 0.31 5.75 0.42 7.66 0.61 9.04
Jul 1.95 9.99 0.67 5.18 1.19 7.51 1.15 9.08
Aug 2.32 11.01 1.01 5.04 0.65 7.46 0.86 9.16
Sep 2.40 13.32 0.76 5.50 0.72 7.93 0.83 9.58
Oct 3.87 16.34 1.28 6.06 1.31 8.45 1.57 10.26
Nov 5.19 21.05 2.65 8.07 3.02 10.93 3.39 12.55
Source: FGV, Fipe and IBGE
1/ General Price Index - (Domestic Supply).
2/ Wholesale Price Index - (Domestic Supply).
3/ National Index of Building Costs.
4/ Consumer Price Index - Brazil.
5/ General Price Index (Market).6/ Consumer Price Index - (Fipe).
7/ Broad National Consumer Price Index.
8/ National Consumer Price Index.
II - Money and credit
Boletim do Banco Central do Brasil January 2003
50
Explanatory note to the tables in Chapter II of Boletim do Banco Central do Brasil
As of August, 2000
The National Monetary Council (CMN), through Resolution 2,682, dated 12.21.1999, revised the procedures utilized for
classifying credit operations, with the aim of making them more objective and broader in scope, and instituted a new
technically more suitable foundation for setting aside provisions for possible losses. In this way, as of March 1, 2000,
the newly adopted system determined to be necessary an analysis of the potential risk of the borrower by the financial
institution in addition to the consideration of the length of default and the guaranties offered, following international
standard procedures. In the framework of the alterations introduced, one should highlight the classification of the
credit portfolio into nine different levels with increasingly more serious risk levels: AA, A, B, C, D, E, F, G and H, as
compared to the previous three classification levels.
Thus, as of the release of the August 2000 Boletim, statistics referring to financial system loans (tables II.11 to II.13) are
going to be replaced by tables II.18 to II.26, which contain more detailed information on the classification of credit
operations.
It is important to clarify that, with the new methodology of registering National Financial System credit operations, it
will not be possible to ensure compatibility with the previous series published by Banco Central. Therefore, as of March
2000 a new series on credit assets was initiated.
Further details on the alterations defined by Resolution 2,682 may be found at the Banco Central’s homepage
(http:\\www.bcb.gov.br). Please search for the Monetary Policy Press Release May 2000, following Economic Information,
Press Releases and Previous Editions.
As of November, 2001
With regard to the Banco Central and financial institutions’ analytical accounts (tables II.12 to II.17), changes are
consequent upon a sector-by-sector distribution of committed operations as of December 2000.
Previously, the result of committed operations had been included under the heading “other items (net)”. As data have
been broken down, the amounts were reclassified as credit, reserves (financial institutions’ available funds), deposits,
money market instruments and liabilities among financial institutions or among financial institutions and the Banco
Central.
Soon, the historically reviewed series will be released on the Banco Central’s website.
As of June, 2002
In the tables II.13 to II.17, the following series have changed data since September, 2001:
a) Other claims on monetary authority, Claims on central government and Claims on private sector (tables II.13, II.15
and II.17);
b) Claims on central government, Claims on private sector and Liabilities for Central Bank securities (tables II.14 and II.16).
The review was consequent upon changes in the Accounting Plan of National Financial System Institutions (Cosif).
The revised amounts for months prior to September 2001 may be found at the Banco Central do Brasil web site:
www.bcb.gov.br; Economic and Financial Information; Time Series.
Boletim do Banco Central do Brasil January 2003
51
II.1 - Factors affecting the monetary base
Flows in R$ million
Period National Operations External Bacen's Deposits Operations with Other Monetary base change
Treasury1/ with federal sector rediscount derivative ac-
securitites operations operations2/ Financial Investment Total instruments - counts Currency Banking Total
institutions3/ funds Adjustments issued reserves
1997 Dec - 1 614 9 732 - 653 2 148 - 572 209 - 364 - - 392 3 581 5 274 8 856
1998 Dec - 691 7 008 - 6 554 - 89 14 - 225 - 211 - - 17 4 293 - 4 847 - 553
1999 Dec 221 13 672 - 2 759 - 15 8 - 8 - - 35 8 213 2 880 11 093
2000 Dec - 90 9 095 - 1 942 - - 127 - - 127 - 20 7 092 - 137 6 955
2001 Jan 4 587 - 11 417 1 961 - - 217 - - 217 - - 235 - 5 214 - 109 - 5 322
Feb - 3 091 8 639 2 - 68 - 68 - - 91 733 4 794 5 527
Mar - 2 641 - 3 198 - 668 - 206 - 206 - - 222 - 1 421 - 5 102 - 6 523
Apr - 5 374 6 282 11 - 215 - 215 - - 1 592 323 - 780 - 457
May - 4 920 6 360 - 554 - - 8 - - 8 - - 337 - 209 751 542
Jun - 329 4 305 - 3 150 - - 253 - - 253 - - 52 905 - 383 521
Jul 2 029 423 - 2 370 - - 277 - - 277 - - 185 - 64 - 316 - 380
Aug - 6 008 10 210 - 2 886 - - 159 - - 159 - - 123 319 716 1 035
Sep - 2 085 8 763 - 3 130 - - 472 - - 472 - - 223 807 2 046 2 853
Oct 461 399 - 2 999 - - 128 - - 128 - - 141 - 203 - 2 204 - 2 407
Nov - 2 973 9 016 - 2 557 - - 168 - - 168 - - 159 1 457 1 702 3 159
Dec 8 398 1 537 - 2 232 - - 614 - - 614 - - 66 7 602 - 580 7 022
2002 Jan 777 - 3 646 1 - 23 - 23 - - 688 - 5 281 1 747 - 3 533
Feb - 2 271 446 - 6 - 139 - 139 - - 140 - 285 - 1 546 - 1 832
Mar - 1 143 1 942 - 3 - 456 - 456 - - 289 445 518 963
Apr - 2 592 - 42 - 6 489 218 - 218 - - 176 - 1 370 - 739 - 2 109
May - 6 313 8 535 - 2 2 207 78 - 78 377 - 115 1 752 3 015 4 768
Jun - 1 029 2 024 - 3 019 - 269 - 312 - - 312 1 825 - 40 969 - 1 790 - 821
Jul 230 14 929 - 4 420 - 2 025 - 7 214 - - 7 214 248 - 7 780 960 1 740
Aug - 2 815 17 229 - 4 823 - 1 - 908 - - 908 - 517 9 1 717 836 2 553
Sep - 3 052 8 997 - 3 004 3 - 309 - - 309 8 943 - 146 1 423 4 361 5 784
Oct - 296 20 565 - 5 535 - 3 - 280 - - 280 - 157 22 1 369 - 1 499 - 130
Nov - 2 175 3 788 - 629 1 295 - 295 - 1 484 89 1 883 - 1 964 - 81
1/ Securities operations are not included.
2/ Up to november 2000, discount window operations and Proes are included.
3/ Includes reserve requirement on judicial deposits and on bails, deposits earmarked to the Brazilian System of Savings and Loan, deposits on the insufficiency of
investment for rural credit, Proagro inflows, financial institutions deposits - Resolutions 1,718, 2,237 and 2,461, deposits earmarked to asset and liability operations,
on advances, loans, financing, credits, time deposits, and Earnings on voluntary deposits (as from December 1998).
Boletim do Banco Central do Brasil January 2003
52
II.2 - Monetary base and money supply (M1)
R$ million
Period Monetary base Money supply
End of period Daily average1/ End of period Daily average
1/
Currency Banking Total Currency Banking Total Currency Demand Total Currency Demand Total
issued reserves issued reserves outside deposits outside deposits
banks banks
1997 Dec 20 251 11 578 31 828 19 972 12 311 32 283 18 079 29 284 47 363 17 538 28 073 45 612
1998 Dec 24 167 15 018 39 184 23 550 15 735 39 285 21 185 29 522 50 707 20 463 28 517 48 981
1999 Dec 29 838 18 592 48 430 27 307 18 101 45 407 25 951 36 794 62 744 23 573 35 459 59 032
2000 Dec 32 633 15 053 47 686 30 815 15 489 46 304 28 641 45 712 74 352 26 678 43 697 70 375
2001 Jan 27 419 14 944 42 364 29 850 16 609 46 459 23 686 42 863 66 549 25 852 43 717 69 569
Feb 28 152 19 739 47 891 28 548 15 753 44 300 23 430 44 880 68 310 24 689 42 777 67 466
Mar 26 731 14 637 41 368 27 646 15 660 43 306 23 305 42 728 66 033 23 909 42 828 66 737
Apr 27 054 13 857 40 911 27 704 15 840 43 543 23 020 42 792 65 812 23 903 42 396 66 299
May 26 845 14 608 41 453 27 748 15 888 43 636 23 097 42 365 65 462 23 982 42 185 66 167
Jun 27 750 14 225 41 974 28 284 15 652 43 936 24 002 42 394 66 396 24 437 42 633 67 070
Jul 27 685 13 909 41 594 28 871 16 133 45 004 23 628 43 700 67 329 24 933 43 738 68 672
Aug 28 005 14 624 42 629 28 842 16 169 45 010 24 158 43 414 67 572 24 795 42 997 67 792
Sep 28 812 16 670 45 482 29 272 15 860 45 133 24 704 43 782 68 486 25 021 43 384 68 405
Oct 28 610 14 465 43 075 29 598 15 832 45 430 24 223 43 301 67 524 25 276 43 068 68 344
Nov 30 067 16 168 46 234 29 963 15 624 45 587 25 877 44 366 70 243 25 442 43 142 68 584
Dec 37 669 15 587 53 256 35 871 16 976 52 846 32 628 51 079 83 707 30 640 48 303 78 943
2002 Jan 32 388 17 335 49 723 34 632 17 665 52 298 27 285 47 387 74 672 29 423 47 973 77 396
Feb 32 103 15 788 47 891 33 256 16 800 50 056 26 783 47 156 73 939 27 944 46 501 74 446
Mar 32 548 16 307 48 855 32 927 16 445 49 371 27 235 45 981 73 216 27 718 45 663 73 381
Apr 31 178 15 567 46 746 32 401 16 198 48 598 26 056 48 705 74 761 27 152 45 923 73 075
May 32 930 18 583 51 513 32 545 16 720 49 265 27 044 46 743 73 787 27 216 46 436 73 652
Jun 33 900 16 793 50 693 33 715 16 862 50 577 28 372 51 302 79 675 28 232 50 118 78 351
Jul 34 680 17 753 52 433 35 473 18 747 54 220 29 000 53 806 82 806 29 406 52 621 82 026
Aug 36 397 18 588 54 985 36 739 19 527 56 266 30 350 53 789 84 139 30 614 53 888 84 501
Sep 37 820 22 950 60 770 37 828 20 337 58 165 31 534 56 531 88 065 32 094 54 911 87 005
Oct 39 189 21 451 60 640 39 666 20 941 60 607 33 115 55 976 89 090 33 822 56 200 90 023
Nov 41 072 19 487 60 559 40 749 20 596 61 344 34 775 57 305 92 079 34 518 56 810 91 328
1/ Based on working days of the month indicated.
Note: Monetary programming for the fourth quarter 2002 (Base): R$65 billion - R$87.9 billion (average point of forecasts: 46.6% in 12 months).
Monetary programming for the fourth quarter 2002 (M1): R$93.5 billion - R$126.5 billion (average point of forecasts: 39.4% in 12 months).
Boletim do Banco Central do Brasil January 2003
53
II.3 - Monetary behavior factors1/
Working day average in month
Period Individual behavior Bank behavior Multiplier
1997 Dec 0.38 0.62 0.09 0.44 1.41
1998 Dec 0.42 0.58 0.11 0.55 1.25
1999 Dec 0.40 0.60 0.11 0.51 1.30
2000 Dec 0.38 0.62 0.09 0.35 1.52
2001 Jan 0.37 0.63 0.09 0.38 1.50
Feb 0.37 0.63 0.09 0.37 1.52
Mar 0.36 0.64 0.09 0.37 1.54
Apr 0.36 0.64 0.09 0.37 1.52
May 0.36 0.64 0.09 0.38 1.52
Jun 0.36 0.64 0.09 0.37 1.53
Jul 0.36 0.64 0.09 0.37 1.53
Aug 0.37 0.63 0.09 0.38 1.51
Sep 0.37 0.63 0.10 0.37 1.52
Oct 0.37 0.63 0.10 0.37 1.50
Nov 0.37 0.63 0.10 0.36 1.50
Dec 0.39 0.61 0.11 0.35 1.49
2002 Jan 0.38 0.62 0.11 0.37 1.48
Feb 0.38 0.62 0.11 0.36 1.49
Mar 0.38 0.62 0.11 0.36 1.49
Apr 0.37 0.63 0.11 0.35 1.50
May 0.37 0.63 0.11 0.36 1.50
Jun 0.36 0.64 0.11 0.34 1.55
Jul 0.36 0.64 0.12 0.36 1.51
Aug 0.36 0.64 0.11 0.36 1.50
Sep 0.37 0.63 0.10 0.37 1.50
Oct 0.38 0.62 0.10 0.37 1.49
Nov 0.38 0.62 0.11 0.36 1.49
1/ Where (based on average daily balance):
C - Individual preference for currency PMPP - Currency outside banks
M1 - Money supply
D - Individual preference for demand deposits
DV - Demand deposits
R1 - Bank deposit ratio in currency CX - Bank currency reserves
R2 - Banking reserves ratio
RB - Banking reserves
K - Monetary base multiplier
B - Monetary base
CPMPP
M=
1D
DV
M=
1R
CX
DV1 = R
RB
DV2 = B
M
RRDCK 1
)21(
1=
++=
Boletim do Banco Central do Brasil January 2003
54
II.4 - Extended monetary base End-of-period balances
R$ million
Period Monetary Reserve Federal securities2/ Total Percentage
base requirements extended change
monetary in
Bacen securities National Treasury securities Total base month
securities
Earnings1/ Non- Portfolio Financing4/ Total Portfolio Financing4/ Total
earnings position3/ position
1997 Dec 31 828 30 267 4 065 39 956 - 484 39 472 178 009 - 3 571 174 438 213 910 280 070 27.40
1998 Dec 39 184 14 945 4 982 95 433 - 95 433 199 091 - 1 290 197 801 293 234 352 345 0.39
1999 Dec 48 430 14 917 215 62 468 - 62 468 323 706 - 2 604 321 102 383 570 447 132 4.47
2000 Dec 47 686 14 748 154 85 680 - 1 766 83 914 394 413 - 2 222 392 191 476 105 538 693 0.78
2001 Jan 42 364 15 099 123 88 480 - 88 480 405 398 - 563 404 835 493 315 550 901 2.27
Feb 47 891 15 026 131 94 594 - 94 594 396 099 3 061 399 160 493 754 556 802 1.07
Mar 41 368 15 031 128 103 355 - 1 322 102 033 402 761 3 951 406 712 508 745 565 272 1.52
Apr 40 911 14 948 117 111 629 - 1 744 109 885 405 010 - 2 806 402 204 512 089 568 065 0.49
May 41 453 15 023 161 124 296 - 2 096 122 200 394 786 2 592 397 378 519 578 576 215 1.43
Jun 41 974 15 351 185 129 599 - 3 816 125 783 415 044 - 4 522 410 522 536 305 593 815 3.05
Jul 41 594 15 736 209 137 258 - 884 136 374 431 025 5 627 436 652 573 026 630 565 6.19
Aug 42 629 16 064 164 145 480 - 896 144 584 433 409 1 237 434 646 579 230 638 087 1.19
Sep 45 482 16 286 222 157 724 - 5 250 152 474 443 920 - 12 161 431 759 584 233 646 223 1.28
Oct 43 075 16 565 209 155 517 - 6 216 149 301 456 695 - 11 727 444 968 594 269 654 118 1.22
Nov 46 234 16 914 152 139 383 - 7 653 131 730 463 405 - 15 109 448 296 580 026 643 326 -1.65
Dec 53 256 17 585 235 126 055 - 4 011 122 044 468 180 - 14 628 453 552 575 596 646 672 0.52
2002 Jan 49 723 17 764 170 127 352 - 3 840 123 512 478 013 - 6 198 471 815 595 327 662 984 2.52
Feb 47 891 17 729 174 119 299 - 1 415 117 884 482 261 - 4 060 478 201 596 085 661 879 -0.17
Mar 48 855 17 774 156 114 382 59 114 441 484 720 433 485 153 599 594 666 379 0.68
Apr 46 746 17 730 129 107 250 - 14 107 236 498 651 4 942 503 593 610 829 675 434 1.36
May 51 513 17 788 125 107 177 - 14 107 163 503 270 8 865 512 135 619 298 688 724 1.97
Jun 50 693 18 219 120 114 355 - 68 114 287 511 024 21 049 532 073 646 360 715 392 3.87
Jul 52 433 25 594 132 94 596 - 81 94 515 548 943 21 382 570 325 664 840 742 999 3.86
Aug 54 985 32 331 156 70 779 28 436 99 215 520 595 11 552 532 147 631 362 718 834 -3.25
Sep 60 770 38 638 138 87 633 - 427 87 206 534 893 51 023 585 916 673 122 772 668 7.49
Oct 60 640 53 851 150 84 771 - 84 771 521 364 54 652 576 016 660 787 775 428 0.36
Nov 60 559 53 977 123 74 682 - 74 682 524 677 61 665 586 342 661 024 775 683 0.03
1/ Adjusted balances. 2/ Securities evaluated according to yield profile, including issues/redemptions of federal securities without monetary impact.
3/ Excludes LBCE.
4/ Net financing position on the day. (-) oversold, (+) undersold and position under Resolution 2,308, dated 8.28.1996.
Note: Monetary programming for the fourth quarter of 2002 (extended base): R$669.8 billion - R$906.1 billion (average point of forecasts: 21.8% in 12 months).
Boletim do Banco Central do Brasil January 2003
55
II.5 - Extended monetary base Average daily balance
R$ million
Period Monetary Reserve Federal securities2/ Total Percentage
base requirements extended change
Bacen securities National Treasury securities Total monetary in
securities base month
Earnings1/ Non- Portfolio Financing
4/ Total Portfolio Financing4/ Total
earnings position3/ position
1997 Dec 32 283 29 373 4 058 44 169 - 454 43 715 135 049 - 4 273 130 776 174 491 240 205 9.07
1998 Dec 39 285 14 856 4 934 94 942 1 873 96 815 193 026 4 481 197 507 294 322 353 397 3.61
1999 Dec 45 407 14 812 216 64 610 - 112 64 498 316 408 - 1 776 314 632 379 130 439 565 3.14
2000 Dec 46 304 14 664 143 85 515 - 206 85 310 391 153 4 326 395 479 480 789 541 900 1.32
2001 Jan 46 459 15 070 143 85 572 - 55 85 516 393 910 2 531 396 441 481 957 543 629 0.32
Feb 44 300 15 060 125 92 508 5 92 513 398 191 3 269 401 459 493 973 553 459 1.81
Mar 43 306 15 045 126 98 681 - 105 98 575 400 378 3 275 403 653 502 229 560 706 1.31
Apr 43 543 14 974 127 106 991 - 1 113 105 878 402 786 - 186 402 600 508 478 567 122 1.14
May 43 636 14 980 136 115 954 - 1 674 114 281 397 687 616 398 303 512 584 571 336 0.74
Jun 43 936 15 202 150 126 717 - 2 030 124 687 394 566 2 188 396 754 521 441 580 730 1.64
Jul 45 004 15 542 196 138 052 - 2 467 135 585 425 779 211 425 990 561 575 622 317 7.16
Aug 45 010 15 927 181 142 574 - 1 080 141 495 430 823 894 431 717 573 211 634 329 1.93
Sep 45 133 16 691 173 151 608 - 3 466 148 142 439 897 - 4 284 435 613 583 755 645 752 1.80
Oct 45 430 16 460 193 159 792 - 6 311 153 482 447 728 - 10 796 436 931 590 413 652 497 1.04
Nov 45 587 16 774 171 143 604 - 6 605 136 999 455 338 - 11 167 444 171 581 169 643 700 -1.35
Dec 52 846 17 150 180 130 000 - 5 714 124 286 459 392 - 14 062 445 331 569 616 639 792 -0.61
2002 Jan 52 298 17 730 189 128 682 - 3 092 125 590 467 883 - 6 573 461 310 586 900 657 116 2.71
Feb 50 056 17 712 156 126 010 - 2 506 123 504 478 953 - 5 257 473 696 597 200 665 124 1.22
Mar 49 371 17 737 158 117 415 - 1 150 116 266 484 661 - 3 807 480 854 597 120 664 387 -0.11
Apr 48 598 17 748 142 109 784 - 685 109 100 489 701 4 315 494 016 603 115 669 603 0.79
May 49 265 17 751 128 108 444 - 143 108 301 498 402 8 813 507 216 615 517 682 660 1.95
Jun 50 577 17 933 116 111 883 - 102 111 781 506 117 17 336 523 453 635 234 703 860 3.11
Jul 54 220 25 077 114 100 152 - 64 100 087 522 127 16 817 538 944 639 031 718 442 2.07
Aug 56 266 27 453 135 78 262 10 396 88 658 529 545 19 156 548 701 637 359 721 213 0.39
Sep 58 165 37 074 137 76 272 3 586 79 858 518 763 41 901 560 664 640 522 735 899 2.04
Oct 60 607 44 782 130 91 362 - 91 362 528 228 53 055 581 283 672 646 778 164 5.74
Nov 61 344 53 929 134 78 080 - 78 080 523 671 55 231 578 901 656 981 772 389 -0.74
1/ Adjusted balances.
2/ Securities evaluated according to yield profile, including issues/redemptions of federal securities without monetary impact.
3/ Excludes LBCE.
4/ Net financing position on the day. (-) oversold, (+) undersold and position under Resolution 2,308, dated 8.28.1996.
Boletim do Banco Central do Brasil January 2003
56
II.6 - Money supply (M4) - balances
R$ million
End-of- M1 Savings Private M2 Quotas of Operations M3 Federal State and M4
period deposits securities1/ fixed-income committed securities municipal
funds2/ with federal securities
securities3/
1997 Dec 47 363 98 211 94 201 239 775 100 637 - 340 412 62 019 3 608 406 039
1998 Dec 50 707 108 442 95 815 254 965 121 049 - 376 015 80 987 2 306 459 308
1999 Dec 62 744 111 407 100 619 274 770 184 381 9 577 468 728 80 819 1 545 551 092
2000 Dec 74 352 111 936 97 496 283 785 253 832 18 961 556 577 93 624 1 892 652 093
2001 Jan 66 549 112 272 97 676 276 498 265 605 20 812 562 915 92 552 1 901 657 368
Feb 68 310 112 832 98 621 279 763 269 485 20 964 570 211 94 331 1 910 666 453
Mar 66 033 112 399 99 947 278 378 273 123 19 647 571 148 101 650 1 905 674 703
Apr 65 812 112 749 101 038 279 599 273 839 20 340 573 778 103 902 1 866 679 546
May 65 462 113 892 104 125 283 478 278 253 20 152 581 884 105 174 2 163 689 220
Jun 66 396 114 874 107 789 289 059 275 268 26 612 590 939 100 150 2 332 693 420
Jul 67 329 115 509 107 629 290 466 282 022 28 521 601 009 113 526 2 376 716 912
Aug 67 572 116 061 111 987 295 619 287 257 24 152 607 028 121 631 2 372 731 031
Sep 68 486 116 738 111 351 296 575 291 071 22 582 610 227 133 913 2 457 746 598
Oct 67 524 116 399 111 977 295 901 293 544 23 019 612 464 135 843 2 496 750 803
Nov 70 243 117 676 114 031 301 951 289 598 22 875 614 424 140 903 2 532 757 858
Dec 83 707 120 030 117 875 321 612 285 329 18 115 625 057 128 569 2 555 756 181
2002 Jan 74 672 120 036 119 810 314 519 295 977 15 352 625 847 129 868 2 608 758 323
Feb 73 939 120 501 121 749 316 189 299 410 12 939 628 537 126 786 2 630 757 953
Mar 73 216 120 787 129 972 323 975 299 076 15 964 639 016 120 158 2 679 761 853
Apr 74 761 120 419 127 488 322 668 303 479 12 483 638 630 123 443 2 636 764 710
May 73 787 120 909 129 846 324 542 302 490 11 240 638 272 123 863 2 548 764 683
Jun 79 675 126 974 135 389 342 037 285 348 11 137 638 523 128 269 2 795 769 586
Jul 82 806 131 993 138 747 353 546 276 541 10 800 640 887 127 695 2 839 771 421
Aug 84 139 136 872 146 820 367 831 267 922 11 526 647 280 113 802 2 881 763 962
Sep 88 065 138 716 149 001 375 782 272 009 10 714 658 505 115 982 2 130 776 618
Oct 89 090 139 522 153 843 382 456 272 107 11 663 666 225 118 299 1 896 786 420
Nov* 92 079 140 313 153 253 385 645 279 707 13 009 678 361 117 202 1 891 797 454
1/ Includes time deposits, exchange bills, mortgage bonds and real estate bonds. 2/ Excludes guaranties issued primarily by financial institutions.
3/ As of August 1999, non-financial sector investments in committed operations are included in M3, when the minimun 30 day term in force since
October 1991 required in such operations was eliminated.
Note: Monetary programming for the fourth quarter 2002 (M4): R$698.8 billion - R$945.4 billion (average point of forecasts: 8.7% in 12 months).
Boletim do Banco Central do Brasil January 2003
57
II.7 - Money supply (M4)
Percentage share
End-of- M1 Savings Private M2 Quotas of Operations M3 Federal State and M4
period deposits securities1/ fixed-income committed securities municipal
funds2/ with federal securities
securities3/
1997 Dec 11.7 24.2 23.2 59.1 24.8 0.0 83.8 15.3 0.9 100.0
1998 Dec 11.0 23.6 20.9 55.5 26.4 0.0 81.9 17.6 0.5 100.0
1999 Dec 11.4 20.2 18.3 49.9 33.5 1.7 85.1 14.7 0.3 100.0
2000 Dec 11.4 17.2 15.0 43.5 38.9 2.9 85.4 14.4 0.3 100.0
2001 Jan 10.1 17.1 14.9 42.1 40.4 3.2 85.6 14.1 0.3 100.0
Feb 10.2 16.9 14.8 42.0 40.4 3.1 85.6 14.2 0.3 100.0
Mar 9.8 16.7 14.8 41.3 40.5 2.9 84.7 15.1 0.3 100.0
Apr 9.7 16.6 14.9 41.1 40.3 3.0 84.4 15.3 0.3 100.0
May 9.5 16.5 15.1 41.1 40.4 2.9 84.4 15.3 0.3 100.0
Jun 9.6 16.6 15.5 41.7 39.7 3.8 85.2 14.4 0.3 100.0
Jul 9.4 16.1 15.0 40.5 39.3 4.0 83.8 15.8 0.3 100.0
Aug 9.2 15.9 15.3 40.4 39.3 3.3 83.0 16.6 0.3 100.0
Sep 9.2 15.6 14.9 39.7 39.0 3.0 81.7 17.9 0.3 100.0
Oct 9.0 15.5 14.9 39.4 39.1 3.1 81.6 18.1 0.3 100.0
Nov 9.3 15.5 15.0 39.8 38.2 3.0 81.1 18.6 0.3 100.0
Dec 11.1 15.9 15.6 42.5 37.7 2.4 82.7 17.0 0.3 100.0
2002 Jan 9.8 15.8 15.8 41.5 39.0 2.0 82.5 17.1 0.3 100.0
Feb 9.8 15.9 16.1 41.7 39.5 1.7 82.9 16.7 0.3 100.0
Mar 9.6 15.9 17.1 42.5 39.3 2.1 83.9 15.8 0.4 100.0
Apr 9.8 15.7 16.7 42.2 39.7 1.6 83.5 16.1 0.3 100.0
May 9.6 15.8 17.0 42.4 39.6 1.5 83.5 16.2 0.3 100.0
Jun 10.4 16.5 17.6 44.4 37.1 1.4 83.0 16.7 0.4 100.0
Jul 10.7 17.1 18.0 45.8 35.8 1.4 83.1 16.6 0.4 100.0
Aug 11.0 17.9 19.2 48.1 35.1 1.5 84.7 14.9 0.4 100.0
Sep 11.3 17.9 19.2 48.4 35.0 1.4 84.8 14.9 0.3 100.0
Oct 11.3 17.7 19.6 48.6 34.6 1.5 84.7 15.0 0.2 100.0
Nov* 11.5 17.6 19.2 48.4 35.1 1.6 85.1 14.7 0.2 100.0
1/ Includes time deposits, exchange bills, mortgage bonds and real estate bonds.
2/ Excludes guaranties issued primarily by financial institutions.
3/ As of August 1999, non-financial sector investments in committed operations are included in M3, when the minimun 30 day term in force since
October 1991 required in such operations was eliminated.
Boletim do Banco Central do Brasil January 2003
58
II.8 - Monetary base and money supply (M4) End-of-period balance as percentage of GDP1/
Percentage share
Period Monetary base M1 Savings
deposits
Currency issued Banking reserves Total Currency Demand Total
outside banks deposits
1997 Dec 2.3 1.3 3.5 2.0 3.3 5.3 10.9
1998 Dec 2.6 1.6 4.2 2.3 3.2 5.5 11.7
1999 Dec 2.8 1.8 4.6 2.5 3.5 6.0 10.6
2000 Dec 2.9 1.3 4.2 2.5 4.0 6.5 9.8
2001 Jan 2.4 1.3 3.7 2.1 3.7 5.8 9.8
Feb 2.4 1.7 4.2 2.0 3.9 5.9 9.8
Mar 2.3 1.3 3.5 2.0 3.7 5.7 9.6
Apr 2.3 1.2 3.5 2.0 3.6 5.6 9.6
May 2.3 1.2 3.5 1.9 3.6 5.5 9.6
Jun 2.3 1.2 3.5 2.0 3.5 5.5 9.6
Jul 2.3 1.1 3.4 2.0 3.6 5.6 9.5
Aug 2.3 1.2 3.5 2.0 3.6 5.6 9.6
Sep 2.4 1.4 3.7 2.0 3.6 5.6 9.5
Oct 2.3 1.2 3.5 2.0 3.5 5.5 9.4
Nov 2.4 1.3 3.7 2.1 3.6 5.7 9.5
Dec 3.0 1.3 4.3 2.6 4.1 6.7 9.7
2002 Jan 2.6 1.4 4.0 2.2 3.8 6.0 9.7
Feb 2.6 1.3 3.9 2.2 3.8 6.0 9.7
Mar 2.6 1.3 3.9 2.2 3.7 5.9 9.7
Apr 2.5 1.2 3.7 2.1 3.9 6.0 9.6
May 2.6 1.5 4.1 2.1 3.7 5.8 9.5
Jun 2.6 1.3 3.9 2.2 4.0 6.2 9.8
Jul 2.6 1.3 4.0 2.2 4.1 6.3 10.0
Aug 2.7 1.4 4.1 2.3 4.0 6.2 10.2
Sep 2.7 1.6 4.4 2.3 4.1 6.3 10.0
Oct 2.7 1.5 4.2 2.3 3.8 6.1 9.6
Nov* 2.7 1.3 4.0 2.3 3.8 6.1 9.3
(continues)
Boletim do Banco Central do Brasil January 2003
59
II.8 - Monetary base and money supply (M4) End-of-period balance as percentage of GDP1/
(concluded) Percentage share
Period Private M2 Quotas of Operations M3 Federal State and M4
securities2/ fixed-income committed securities municipal
funds3/ with federal securities
securities4/
1997 Dec 10.5 26.7 11.2 0.0 37.9 6.9 0.4 45.2
1998 Dec 10.4 27.6 13.1 0.0 40.6 8.8 0.2 49.7
1999 Dec 9.6 26.2 17.6 0.9 44.6 7.7 0.1 52.5
2000 Dec 8.6 24.9 22.3 1.7 48.9 8.2 0.2 57.2
2001 Jan 8.5 24.1 23.2 1.8 49.2 8.1 0.2 57.4
Feb 8.6 24.3 23.4 1.8 49.5 8.2 0.2 57.9
Mar 8.6 23.9 23.4 1.7 48.9 8.7 0.2 57.8
Apr 8.6 23.7 23.2 1.7 48.6 8.8 0.2 57.6
May 8.7 23.8 23.4 1.7 48.9 8.8 0.2 57.9
Jun 9.0 24.1 22.9 2.2 49.3 8.3 0.2 57.8
Jul 8.9 24.0 23.3 2.4 49.7 9.4 0.2 59.2
Aug 9.2 24.3 23.6 2.0 50.0 10.0 0.2 60.2
Sep 9.1 24.2 23.8 1.8 49.9 10.9 0.2 61.0
Oct 9.1 24.0 23.8 1.9 49.6 11.0 0.2 60.8
Nov 9.2 24.4 23.4 1.8 49.6 11.4 0.2 61.1
Dec 9.5 25.9 23.0 1.5 50.4 10.4 0.2 60.9
2002 Jan 9.6 25.3 23.8 1.2 50.4 10.5 0.2 61.0
Feb 9.8 25.5 24.1 1.0 50.6 10.2 0.2 61.1
Mar 10.5 26.1 24.1 1.3 51.5 9.7 0.2 61.3
Apr 10.2 25.8 24.3 1.0 51.0 9.9 0.2 61.1
May 10.3 25.6 23.9 0.9 50.4 9.8 0.2 60.4
Jun 10.5 26.4 22.0 0.9 49.3 9.9 0.2 59.5
Jul 10.5 26.8 21.0 0.8 48.6 9.7 0.2 58.5
Aug 10.9 27.3 19.9 0.9 48.0 8.4 0.2 56.7
Sep 10.7 27.0 19.5 0.8 47.3 8.3 0.2 55.8
Oct 10.6 26.2 18.7 0.8 45.7 8.1 0.1 53.9
Nov* 10.1 25.5 18.5 0.9 44.9 7.8 0.1 52.8
Source : Bacen and Ipea
1/ GDP of the last twelve months at prices of the month indicated (deflator: IGP-DI) based on series published by the IBGE.
2/ Includes time deposits, exchange bills, mortgage bonds and real estate bonds.
3/ Excludes guaranties issued primarily by financial institutions.
4/ As of August 1999, non-financial sector investments in committed operations are included in M3, when the minimun 30 day term in force since
October 1991 required in such operations was eliminated.
Boletim do Banco Central do Brasil January 2003
60
II.9 - Income-velocity of money1/
End-of- M1 M2 M3 M4
period
1997 Dec 19.0 3.7 2.6 2.2
1998 Dec 18.2 3.6 2.5 2.0
1999 Dec 16.7 3.8 2.2 1.9
2000 Dec 15.3 4.0 2.0 1.7
2001 Jan 17.2 4.1 2.0 1.7
Feb 16.9 4.1 2.0 1.7
Mar 17.7 4.2 2.0 1.7
Apr 17.9 4.2 2.1 1.7
May 18.2 4.2 2.0 1.7
Jun 18.1 4.2 2.0 1.7
Jul 18.0 4.2 2.0 1.7
Aug 18.0 4.1 2.0 1.7
Sep 17.9 4.1 2.0 1.6
Oct 18.3 4.2 2.0 1.6
Nov 17.6 4.1 2.0 1.6
Dec 14.8 3.9 2.0 1.6
2002 Jan 16.6 3.9 2.0 1.6
Feb 16.8 3.9 2.0 1.6
Mar 17.0 3.8 1.9 1.6
Apr 16.7 3.9 2.0 1.6
May 17.2 3.9 2.0 1.7
Jun 16.2 3.8 2.0 1.7
Jul 15.9 3.7 2.1 1.7
Aug 16.0 3.7 2.1 1.8
Sep 15.8 3.7 2.1 1.8
Oct 16.4 3.8 2.2 1.9
Nov* 16.4 3.9 2.2 1.9
Source: Bacen and IBGE
1/ GDP/Mi (i=1,2,3,4) ratio based on the end-of-period balance and on the GDP of the last 12 months at prices of the month indicated (deflator: IGP-DI)
based on the series published by the IBGE.
Boletim do Banco Central do Brasil January 2003
61
II.10 - Net domestic assets of the Banco Central do Brasil
Accumulated flows in R$ million
Itemization 2001 2002
March June September December March June September November
A - Currency outside banks1/ - 2 769 - 2 241 - 1 657 3 962 - 2 922 - 2 408 1 454 3 878
B - Net adjusted international reserves2/ 3 124 6 243 - 303 - 8 841 2 291 - 1 377 - 22 429 - 35 518
C - Net domestic assets (A-B) - 5 893 - 8 484 - 1 354 12 803 - 5 213 - 1 031 23 883 39 396
1/ Working day average balance.
2/ From 1995 on, it refers to net adjusted international reserves and converted into reais at average buying exchange rate.
Boletim do Banco Central do Brasil January 2003
62
II.11 - Banco Central do Brasil - adjusted balance sheet Assets
R$ million
End-of- Credits to financial institutions1/ Memorandum
period
Liquidity loans2/ Special Others
3/ Total Banking Total
transactions
Government Private
1997 Dec 14 544 1 225 53 151 68 920 41 934 26 986 68 920
1998 Dec 9 193 462 32 638 42 293 21 085 21 208 42 293
1999 Dec 8 224 521 24 442 33 187 11 138 22 049 33 187
2000 Dec 8 402 - 23 614 32 016 10 023 21 993 32 016
2001 Jan 8 402 - 23 614 32 016 9 982 22 034 32 016
Feb 8 470 - 23 252 31 722 10 342 21 380 31 722
Mar 8 710 - 23 740 32 450 10 463 21 987 32 450
Apr 8 798 - 21 801 30 599 10 523 20 076 30 599
May 8 889 - 20 140 29 029 10 583 18 446 29 029
Jun - - 20 829 20 829 1 660 19 169 20 829
Jul - - 20 834 20 834 1 624 19 210 20 834
Aug - - 20 877 20 877 1 600 19 277 20 877
Sep - - 21 715 21 715 1 566 20 149 21 715
Oct - - 21 741 21 741 1 534 20 207 21 741
Nov - - 21 751 21 751 1 504 20 247 21 751
Dec - - 21 573 21 573 1 481 20 092 21 573
2002 Jan - - 21 585 21 585 1 441 20 144 21 585
Feb - - 21 477 21 477 1 404 20 073 21 477
Mar - - 21 997 21 997 1 367 20 630 21 997
Apr 491 - 21 927 22 418 1 827 20 591 22 418
May 2 267 - 21 900 24 167 3 535 20 632 24 167
Jun 2 015 - 20 643 22 658 3 250 19 408 22 658
Jul 1 - 20 661 20 662 1 205 19 457 20 662
Aug - - 20 677 20 677 1 171 19 506 20 677
Sep 3 - 21 457 21 460 1 144 20 316 21 460
Oct - - 21 374 21 374 1 050 20 324 21 374
Nov - - 21 392 21 392 1 019 20 373 21 392
(continues)
Boletim do Banco Central do Brasil January 2003
63
II.11 - Banco Central do Brasil - adjusted balance sheet Assets
(continued) R$ million
End-of- Securities Open-market operations
period
National Treasury issue Other Provision for Total Lending (resale Borrowing Total
securities market value commitments) (repurchase
Not Earmarked Earmarked to reduction5/ commitments)
earmarked to foreign liability
repurchase (NTN-L)4/
1997 Dec 25 009 10 094 1 982 5 - 261 36 829 1 051 - 2 104 - 1 053
1998 Dec 41 294 86 378 1 347 - - 16 129 003 - - 4 290 - 4 290
1999 Dec 56 818 59 010 - 1 848 - 117 676 2 604 - 7 343 - 4 739
2000 Dec 114 358 13 385 - 1 801 159 129 703 7 961 - 14 010 - 6 049
2001 Jan 114 924 20 638 - 1 828 1 260 138 650 - - 21 369 - 21 369
Feb 122 956 14 493 - 1 906 995 140 350 - - 15 254 - 15 254
Mar 127 810 13 713 - 1 804 431 143 758 1 570 - 14 524 - 12 954
Apr 130 925 10 898 - 1 882 - 280 143 425 5 555 - 11 436 - 5 881
May 139 541 9 616 - 2 012 - 916 150 253 2 144 - 9 979 - 7 835
Jun 150 359 9 403 - 2 865 - 1 157 161 470 10 244 - 9 528 716
Jul 151 249 11 749 - 2 996 - 2 714 163 280 - - 11 876 - 11 876
Aug 156 531 9 137 - 3 126 - 2 269 166 525 - - 9 174 - 9 174
Sep 163 369 9 416 - 3 022 - 2 768 173 039 17 755 - 9 438 8 317
Oct 177 206 9 871 - 3 072 - 3 094 187 055 18 293 - 9 874 8 419
Nov 175 763 10 209 - 2 948 - 1 222 187 698 22 514 - 10 129 12 385
Dec 171 243 13 781 - 2 796 35 187 855 22 483 - 13 707 8 776
2002 Jan 179 022 10 448 - 2 892 - 509 191 853 10 399 - 10 377 22
Feb 181 764 10 550 - 2 846 1 415 196 575 5 961 - 10 513 - 4 552
Mar 180 982 12 238 - 2 771 526 196 517 - - 12 194 - 12 194
Apr 176 180 17 423 - 5 508 3 386 202 497 1 322 - 17 229 - 15 907
May 179 504 20 903 - 6 837 - 3 951 203 293 949 - 20 662 - 19 713
Jun 177 776 34 706 - 5 766 - 9 171 209 077 1 971 - 34 011 - 32 040
Jul 181 028 39 137 - 18 598 - 17 446 221 317 3 185 - 39 016 - 35 831
Aug 197 406 31 043 - 17 953 - 8 314 238 088 4 404 - 58 953 - 54 549
Sep 176 062 69 520 - 26 533 - 13 077 259 038 5 298 - 67 780 - 62 482
Oct 171 269 73 024 - 27 702 - 13 429 258 566 4 166 - 71 384 - 67 218
Nov 168 660 78 380 - 28 037 - 12 867 262 210 3 645 - 78 022 - 74 377
(continues)
Boletim do Banco Central do Brasil January 2003
64
II.11 - Banco Central do Brasil - adjusted balance sheet Assets
(continued) R$ million
End-of- Foreign assets Funds and Other Total assets
period program accounts (net
Foreign currency Stocks and Gold SDR Total operations balance)
quotas of (IMF)
Available funds Agreements Others Total international
and short-term organizations
investment
1997 Dec 41 460 574 18 633 60 667 4 936 996 1 66 600 2 628 13 708 187 632
1998 Dec 31 909 384 24 359 56 652 5 615 1 607 48 63 922 3 742 7 273 241 943
1999 Dec 38 789 147 28 412 67 348 7 492 1 697 18 76 555 4 217 16 501 243 397
2000 Dec 34 538 293 36 383 71 214 7 787 1 072 1 80 074 2 697 24 402 262 843
2001 Jan 38 719 108 37 045 75 872 7 819 919 64 84 674 5 068 7 197 246 235
Feb 36 279 200 43 829 80 308 8 080 759 6 89 153 5 621 7 895 259 487
Mar 33 340 192 47 635 81 167 8 331 589 6 90 093 5 897 8 138 267 381
Apr 32 876 265 50 445 83 586 8 454 413 62 92 515 6 017 8 106 274 780
May 39 251 92 52 794 92 137 9 050 461 7 101 655 6 224 8 167 287 493
Jun 44 125 156 52 077 96 358 8 779 457 12 105 606 3 269 11 619 303 510
Jul 42 509 208 55 325 98 042 9 357 470 89 107 958 3 578 11 773 295 547
Aug 48 665 268 59 107 108 040 10 049 487 16 118 592 3 949 11 708 312 477
Sep 59 499 70 62 965 122 534 10 526 372 99 133 531 4 332 12 272 353 206
Oct 48 703 115 57 002 105 820 10 578 363 203 116 964 4 549 11 806 350 534
Nov 45 365 119 55 997 101 481 9 788 339 27 111 635 4 723 12 521 350 713
Dec 40 398 182 47 304 87 884 8 908 318 24 97 134 3 557 12 066 330 962
2002 Jan 40 916 65 51 534 92 515 9 185 342 25 102 067 3 671 7 600 326 798
Feb 37 629 98 50 230 87 957 8 916 341 43 97 257 4 280 7 517 322 554
Mar 40 719 132 55 217 96 068 8 859 345 43 105 315 4 502 7 592 323 729
Apr 32 028 182 50 859 83 069 9 156 357 239 92 821 4 576 7 375 313 779
May 33 340 63 53 887 87 290 9 950 404 32 97 676 4 765 7 642 317 830
Jun 56 531 104 70 310 126 945 11 566 442 39 138 992 3 616 19 755 362 058
Jul 56 899 186 96 144 153 229 13 858 518 47 167 652 4 578 20 411 392 314
Aug 44 966 205 85 884 131 055 12 262 451 65 143 833 4 741 16 527 369 317
Sep 56 450 70 105 990 162 510 15 746 574 1 073 179 903 4 956 17 510 420 384
Oct 41 830 108 101 738 143 676 14 724 508 1 003 159 911 5 184 20 142 397 959
Nov 40 012 172 100 386 140 570 14 725 517 301 156 113 5 372 15 859 386 569
(continues)
Boletim do Banco Central do Brasil January 2003
65
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- Currency and security liabilities
period
Monetary base Securities issued by the Bacen Total
Currency Banking reserves Total Banco Banco Banco Earnings Total
issued Central Central Central appropriation
Government Private Total bills bonds notes
(LBC) (BBC) (NBC)
1997 Dec 20 251 7 352 4 225 11 577 31 828 25 766 28 329 11 629 - 65 724 97 552
1998 Dec 24 167 8 724 6 332 15 056 39 223 22 537 48 372 33 800 - 104 709 143 932
1999 Dec 29 838 8 918 9 673 18 591 48 429 1 122 - 61 346 - 62 468 110 897
2000 Dec 32 633 8 097 6 956 15 053 47 686 - - 85 781 58 85 839 133 525
2001 Jan 27 419 7 358 7 586 14 944 42 363 - - 88 562 56 88 618 130 981
Feb 28 152 10 578 9 161 19 739 47 891 - - 94 612 54 94 666 142 557
Mar 26 731 8 139 6 498 14 637 41 368 - - 103 464 52 103 516 144 884
Apr 27 054 7 399 6 458 13 857 40 911 - - 110 471 50 110 521 151 432
May 26 845 8 380 6 228 14 608 41 453 - - 122 483 48 122 531 163 984
Jun 27 750 7 947 6 278 14 225 41 975 - - 128 970 46 129 016 170 991
Jul 27 685 7 897 6 012 13 909 41 594 - - 136 713 44 136 757 178 351
Aug 28 005 7 930 6 694 14 624 42 629 - - 145 109 42 145 151 187 780
Sep 28 812 9 539 7 131 16 670 45 482 - - 157 543 40 157 583 203 065
Oct 28 610 7 285 7 180 14 465 43 075 - - 155 420 38 155 458 198 533
Nov 30 067 8 525 7 642 16 167 46 234 - - 140 165 37 140 202 186 436
Dec 37 669 7 860 7 719 15 579 53 248 - - 126 489 35 126 524 179 772
2002 Jan 32 388 8 557 8 779 17 336 49 724 - - 127 711 - 6 127 705 177 429
Feb 32 103 7 997 7 793 15 790 47 893 - - 119 390 18 119 408 167 301
Mar 32 548 8 903 7 405 16 308 48 856 - - 114 247 28 114 275 163 131
Apr 31 178 7 401 8 166 15 567 46 745 - - 107 056 27 107 083 153 828
May 32 930 8 977 9 606 18 583 51 513 - - 107 093 25 107 118 158 631
Jun 33 900 7 706 9 087 16 793 50 693 - - 114 236 - 114 236 164 929
Jul 34 680 8 283 9 470 17 753 52 433 - - 99 540 - 99 540 151 973
Aug 36 397 8 727 9 861 18 588 54 985 - - 74 553 - 74 553 129 538
Sep 37 820 11 060 11 890 22 950 60 770 - - 93 574 - 93 574 154 344
Oct 39 189 10 617 10 834 21 451 60 640 - - 85 031 - 85 031 145 671
Nov 41 072 8 789 10 698 19 487 60 559 - - 75 677 - 75 677 136 236
(continues)
Boletim do Banco Central do Brasil January 2003
66
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- Deposits
period
Foreign Brazilian Financial Short- Asset and Others7/ Total
currency savings investment term liabilities
deposits and loan funds financial operations
system investment
funds6/
1997 Dec 12 13 614 407 3 319 337 17 131 34 820
1998 Dec 10 14 872 605 3 940 435 172 20 034
1999 Dec 13 14 909 - - 214 283 15 419
2000 Dec 13 14 716 - - 153 135 15 017
2001 Jan 13 15 064 - - 122 138 15 337
Feb 14 15 001 - - 130 206 15 351
Mar 14 15 010 - - 128 284 15 436
Apr 15 14 936 - - 116 283 15 350
May 16 15 015 - - 160 292 15 483
Jun 15 15 342 - - 185 713 16 255
Jul 16 15 709 - - 208 3 301 19 234
Aug 17 16 052 - - 163 6 366 22 598
Sep 18 16 275 - - 220 4 079 20 592
Oct 18 16 555 - - 208 1 966 18 747
Nov 17 16 902 - - 151 2 780 19 850
Dec 15 17 575 - - 234 4 742 22 566
2002 Jan 16 17 745 - - 168 3 021 20 950
Feb 15 17 718 - - 172 1 012 18 917
Mar 15 17 761 - - 155 1 034 18 965
Apr 15 17 730 - - 129 798 18 672
May 16 17 788 - - 124 1 861 19 789
Jun 18 18 220 - - 119 1 949 20 306
Jul 22 25 587 - - 131 1 628 27 368
Aug 20 26 690 - - 155 6 920 33 785
Sep 25 27 212 - - 137 12 505 39 879
Oct 24 27 578 - - 149 26 388 54 139
Nov 23 27 640 - - 122 26 606 54 391
(continues)
Boletim do Banco Central do Brasil January 2003
67
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- National Treasury operations
period
Non-earmarked resources Earmarked resources Total
Fiscal Non-fiscal Total Compulsory on From the Total
vehicles and fuels Bacen to the
National Treasury
1997 Dec 32 189 - 32 189 8 946 - 8 946 41 135
1998 Dec 50 403 - 50 403 - 3 3 50 406
1999 Dec 24 025 51 754 75 779 - 4 4 75 783
2000 Dec 86 294 2 086 88 380 - 1 149 1 149 89 529
2001 Jan 72 953 - 72 953 - 1 165 1 165 74 118
Feb 72 447 - 72 447 - 1 113 1 113 73 560
Mar 79 133 389 79 522 - 1 132 1 132 80 654
Apr 83 726 294 84 020 - - - 84 020
May 83 599 572 84 171 - - - 84 171
Jun 84 467 26 84 493 - - - 84 493
Jul 68 058 614 68 672 - - - 68 672
Aug 70 659 355 71 014 - - - 71 014
Sep 82 399 165 82 564 - - - 82 564
Oct 88 123 450 88 573 - - - 88 573
Nov 93 258 625 93 883 - - - 93 883
Dec 81 318 1 198 82 516 - 4 995 4 995 87 511
2002 Jan 79 898 885 80 783 - 5 126 5 126 85 909
Feb 85 578 109 85 687 - 5 529 5 529 91 216
Mar 90 391 320 90 711 - - - 90 711
Apr 100 729 957 101 686 - - - 101 686
May 104 668 1 502 106 170 - - - 106 170
Jun 103 165 1 418 104 583 - - - 104 583
Jul 115 604 7 131 122 735 - - - 122 735
Aug 118 454 2 270 120 724 - - - 120 724
Sep 112 262 6 945 119 207 - - - 119 207
Oct 97 085 238 97 323 - - - 97 323
Nov 95 808 1 149 96 957 - - - 96 957
(continues)
Boletim do Banco Central do Brasil January 2003
68
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(continued) R$ million
End-of- Funds and Foreign liabilities
period programs
resources Deposits earmarked to foreign debt
Brazilian Paris Club Under Other deposits Total
Financing Resolution 1,564
Plan dated 1.16.1989
1997 Dec 2 715 1 598 525 18 64 2 205
1998 Dec 3 755 1 490 75 74 13 215 14 854
1999 Dec 4 217 1 850 99 46 22 328 24 323
2000 Dec 2 697 1 804 84 - 56 3 494 5 326
2001 Jan 5 068 1 830 78 - 65 3 539 5 382
Feb 5 621 1 911 3 - 3 616 5 530
Mar 5 897 1 830 4 - 3 743 5 577
Apr 6 017 1 859 4 - 3 815 5 678
May 6 224 2 018 4 - 4 050 6 072
Jun 3 269 1 980 4 - 8 536 10 520
Jul 3 578 2 099 4 - 9 143 11 246
Aug 3 949 2 214 4 - 9 777 11 995
Sep 4 332 2 105 4 - 20 582 22 691
Oct 4 549 2 140 4 - 23 060 25 204
Nov 4 723 2 005 4 - 21 372 23 381
Dec 3 557 1 836 4 - 19 520 21 360
2002 Jan 3 671 1 919 4 - 20 191 22 114
Feb 4 280 1 870 4 - 19 483 21 357
Mar 4 502 1 686 4 - 19 260 20 950
Apr 4 576 1 719 4 - 9 973 11 696
May 4 765 1 839 6 - 10 615 12 460
Jun 3 616 2 080 5 - 41 458 43 543
Jul 4 578 2 514 6 - 49 827 52 347
Aug 4 741 2 221 5 - 43 975 46 201
Sep 4 956 2 592 6 - 68 159 70 757
Oct 5 184 2 431 6 - 63 736 66 173
Nov 5 372 2 431 6 - 63 515 65 952
(continues)
Boletim do Banco Central do Brasil January 2003
69
II.11 - Banco Central do Brasil - adjusted balance sheet Liabilities
(concluded) R$ million
End-of- Foreign liabilities Own resources Total liabilities
period
Liabilities based on International Others Total
agreements organizations
1997 Dec 692 4 584 271 7 752 3 658 187 632
1998 Dec 407 5 174 185 20 620 3 196 241 943
1999 Dec 223 8 891 448 33 885 3 196 243 397
2000 Dec 327 9 021 2 398 17 072 5 003 262 843
2001 Jan 167 9 078 1 527 16 154 4 577 246 235
Feb 230 9 383 3 216 18 359 4 039 259 487
Mar 255 9 693 1 473 16 998 3 512 267 381
Apr 331 9 840 2 396 18 245 - 284 274 780
May 124 10 660 2 791 19 647 - 2 016 287 493
Jun 191 10 147 4 152 25 010 3 492 303 510
Jul 226 10 823 2 659 24 954 758 295 547
Aug 249 11 606 3 067 26 917 219 312 477
Sep 105 12 167 12 211 47 174 - 4 521 353 206
Oct 129 12 230 3 338 40 901 - 769 350 534
Nov 141 11 330 5 343 40 195 5 626 350 713
Dec 176 10 337 541 32 414 5 142 330 962
2002 Jan 91 10 676 2 780 35 661 3 178 326 798
Feb 105 10 373 3 081 34 916 5 924 322 554
Mar 115 10 318 10 057 41 440 4 980 323 729
Apr 127 10 660 4 881 27 364 7 653 313 779
May 87 11 449 2 949 26 945 1 530 317 830
Jun 154 13 182 6 487 63 366 5 258 362 058
Jul 184 15 811 18 479 86 821 - 1 161 392 314
Aug 172 13 990 16 607 76 970 3 559 369 317
Sep 124 17 971 13 868 102 720 - 722 420 384
Oct 132 16 812 14 572 97 689 - 2 047 397 959
Nov 146 16 814 11 903 94 815 - 1 202 386 569
1/ Operations involving resources from funds and programs are not included.
2/ Includes the Program of Incentives to the Restructuring and Strengthening of the Financial system (Proer) and Program of Incentives to Reduce the Presence
of State Public Sector in the Banking Activity (Proes). As of February 2000, includes rediscount.3/ Includes contrapart to LBCE purchase and sale time operations. 4/ Decree 916, dated 9.8.1993.
5/ As of January 2000, includes adjustments of securities issued by the National Treasury to the market value.
6/ Circular 2,596 dated 7.27.1995.
7/ Includes time deposits, deposits in foreign currency earmarked to foreign exchange market and deposits due to insufficient investments in real state and rural credits,
Financial investment funds (Resolution 2,069 dated 4.29.1994, Circular 2,420 dated 4.29.1994, Resolution 1,787 dated 2,2,1991), credit operations, among others.
Boletim do Banco Central do Brasil January 2003
70
II.12 - Monetary authority
R$ million
Itemization 2002
May Jun Jul Aug Sep Oct Nov
Assets 293 622 339 777 376 155 372 196 427 550 408 060 407 964
Foreign assets 84 472 119 103 142 172 118 441 150 074 130 638 127 744
Claims on central governmment (includes securities debt) 204 734 215 518 229 658 248 245 271 100 272 206 275 557
Claims on state and local governments (includes securities debt) - - - - - - -
Claims on private sector - - - - - - -
Claims on deposit money banks 1 286 2 154 3 142 4 385 5 035 3 923 3 481
Claims on other banking institutions 1 939 1 628 - - - 44 -
Claims on nonbanking financial institutions 1 191 1 374 1 183 1 125 1 341 1 249 1 182
Liabilities 293 622 339 777 376 155 372 196 427 550 408 060 407 964
Reserve money (IMF) 81 122 93 954 107 643 136 186 156 560 173 662 180 171
of which: currency outside deposit money banks 27 043 28 336 28 937 30 834 31 521 33 139 34 782
Money market instruments 7 743 7 882 7 994 8 313 8 599 9 208 9 396
Liabilities for Banco Central securities 107 118 114 236 99 540 74 553 93 574 85 031 75 677
Foreign currency deposits 16 18 22 20 25 24 23
Foreign liabilities 10 653 41 297 49 466 43 771 67 617 63 229 63 201
Long-term foreign liabilities 5 200 9 034 21 725 19 358 17 410 17 900 15 017
Central government deposits 106 170 104 583 122 735 120 724 119 207 97 323 96 957
Capital accounts 2 697 - 4 291 - 4 755 - 6 700 - 11 591 - 13 092 - 12 245
Other items (net) - 27 097 - 26 936 - 28 214 - 24 028 - 23 851 - 25 225 - 20 232
Boletim do Banco Central do Brasil January 2003
71
II.13 - Deposit money banks1/
R$ million
Itemization 2002
May Jun Jul Aug Sep Oct Nov
Assets 720 431 752 229 776 236 785 469 837 992 834 150 837 153
Reserves 54 013 64 644 74 888 104 896 123 559 139 114 144 663
Other claims on monetary authority 48 015 48 540 43 714 38 448 45 497 44 042 38 791
Foreign assets 39 585 43 625 52 584 42 357 53 640 50 543 47 386
Claims on central governmment (includes securities debt) 212 164 219 947 225 758 225 256 223 377 212 116 213 849
Claims on state and local governments (includes securities debt) 2 883 2 898 3 233 3 110 3 411 2 406 2 424
Claims on nonfinancial public enterprises 1 835 2 046 2 301 2 227 2 601 2 425 2 344
Claims on private sector 357 106 364 787 369 108 365 586 381 949 379 902 384 512
Claims on other banking institutions 3 722 3 175 2 715 2 089 2 319 1 598 1 503
Claims on nonbanking financial institutions 1 109 2 567 1 935 1 501 1 639 2 003 1 680
Liabilities 720 431 752 229 776 236 785 469 837 992 834 150 837 153
Demand deposits 46 410 50 933 53 156 54 098 56 614 55 463 56 904
Time, savings and other deposits 282 670 293 410 302 571 315 982 321 639 327 768 328 111
Money market instruments 24 198 25 484 22 314 22 537 21 600 20 872 21 408
Restricted deposits - - - - - - -
Foreign liabilities 68 942 80 470 94 960 76 976 96 556 89 627 84 894
Long-term foreign liabilities 30 166 32 480 35 096 30 829 38 407 33 715 31 688
Central government deposits 11 125 11 863 14 873 11 444 13 353 12 256 11 021
Credit from monetary authority 1 162 4 044 3 538 4 727 5 628 4 443 4 037
Liabilities to other banking institutions 41 984 42 064 43 439 46 572 48 856 48 848 50 667
Liabilities to nonbanking financial institutions 69 335 65 757 65 354 79 992 82 146 88 307 89 132
Capital accounts 176 110 179 014 178 114 180 698 183 833 184 655 188 301
Other items (net) - 31 671 - 33 290 - 37 179 - 38 387 - 30 640 - 31 804 - 29 010
1/ Comprises commercial banks, Banco do Brasil S.A, multiple banks and Caixa Econômica Federal.
Boletim do Banco Central do Brasil January 2003
72
II.14 - Monetary survey1/
R$ million
Itemization 2002
May Jun Jul Aug Sep Oct Nov
Assets 713 850 738 455 748 613 757 022 794 719 792 696 802 109
Foreign assets (net) 44 463 40 961 50 330 40 051 39 542 28 325 27 036
Domestic credit 669 388 697 494 698 283 716 970 755 177 764 370 775 074
Claims on central government (net) - includes securities debt 299 603 319 019 317 808 341 333 361 917 374 743 381 428
Claims on state and local governments (includes securities debt) 2 883 2 898 3 233 3 110 3 411 2 406 2 424
Claims on nonfinancial public enterprises 1 835 2 046 2 301 2 227 2 601 2 425 2 344
Claims on private sector 357 106 364 787 369 108 365 586 381 949 379 902 384 512
Claims on other banking institutions 5 661 4 803 2 715 2 089 2 319 1 642 1 503
Claims on nonbanking financial institutions 2 300 3 941 3 118 2 626 2 980 3 252 2 862
Liabilities 713 850 738 455 748 613 757 022 794 719 792 696 802 109
Money 73 950 79 740 85 200 84 992 88 201 88 664 91 837
Quasi-money 282 670 293 410 302 571 315 982 321 639 327 768 328 111
Money market instruments 31 941 33 366 30 308 30 850 30 199 30 080 30 804
Liabilities for Banco Central securities 59 103 65 696 55 826 36 105 48 077 40 989 36 886
Restricted deposits 16 18 22 20 25 24 23
Long-term foreign liabilities 35 366 41 514 56 821 50 187 55 817 51 615 46 705
Liabilities to other banking institutions 41 984 42 064 43 439 46 572 48 856 48 848 50 667
Liabilities to nonbanking financial institutions 69 335 65 757 65 354 79 992 82 146 88 307 89 132
Capital accounts 178 807 174 723 173 359 173 998 172 242 171 563 176 056
Other items (net) - 59 323 - 57 833 - 64 287 - 61 677 - 52 484 - 55 162 - 48 112
1/ Consolidation of tables monetary authority and deposit money banks.
Boletim do Banco Central do Brasil January 2003
73
II.15 - Other banking institutions1/
R$ million
Itemization 2002
May Jun Jul Aug Sep Oct Nov
Assets 147 528 151 889 161 058 160 286 177 586 178 074 179 764
Reserves 596 607 3 175 375 761 376 458
Other claims on monetary authority 851 706 620 632 721 558 598
Foreign assets 344 321 354 373 843 1 431 721
Claims on central governmment (includes securities debt) 3 565 5 646 4 375 4 077 4 533 4 978 4 609
Claims on state and local governments (includes securities debt) 2 965 2 613 2 916 2 972 3 081 3 093 3 201
Claims on nonfinancial public enterprises 1 600 1 066 1 063 1 067 1 066 1 246 1 270
Claims on private sector 70 926 71 063 74 328 76 854 82 097 83 433 83 765
Claims on deposit money banks 66 526 69 850 74 229 73 937 84 484 82 958 85 142
Claims on nonbanking financial institutions 156 17 - - - 2 -
Liabilities 147 528 151 889 161 058 160 286 177 586 178 074 179 764
Demand deposits - - - - - - -
Time, savings and other deposits 4 849 4 600 4 843 5 378 5 371 4 952 4 904
Money market instruments 824 939 1 152 979 1 043 780 842
Restricted deposits - - - - - - -
Foreign liabilities 1 056 1 521 1 645 928 1 378 1 025 970
Long-term foreign liabilities 20 549 23 024 27 795 25 471 31 747 30 504 30 548
Central government deposits 26 781 26 486 26 862 29 240 30 282 31 642 31 873
Credit from monetary authority 317 306 280 283 285 314 289
Credit from deposit money banks 2 005 1 774 1 995 1 255 1 568 1 283 1 485
Liabilities to nonbanking financial institutions 433 367 566 358 558 694 735
Capital accounts 69 776 72 464 75 211 74 446 80 015 79 937 81 125
Other items (net) 20 937 20 408 20 709 21 948 25 339 26 943 26 993
1/ Comprises investment banks, Banco Nacional de Desenvolvimento Econômico e Social, state development banks, fostering agencies, financial and investment companies,
housing credit companies, savings and loans associations and mortgage companies.
Boletim do Banco Central do Brasil January 2003
74
II.16 - Banking survey1/
R$ million
Itemization 2002
May Jun Jul Aug Sep Oct Nov
Assets 759 908 786 371 800 426 810 107 852 360 852 569 861 329
Foreign assets (net) 43 751 39 761 49 039 39 496 39 007 28 731 26 787
Domestic credit 716 157 746 610 751 387 770 611 813 353 823 838 834 542
Claims on central government (net) - includes securities debt 276 387 298 179 295 321 316 170 336 168 348 078 354 165
Claims on state and local governments (includes securities debt) 5 848 5 511 6 149 6 082 6 492 5 499 5 625
Claims on nonfinancial public enterprises 3 435 3 112 3 364 3 294 3 667 3 671 3 614
Claims on private sector 428 032 435 850 443 436 442 440 464 046 463 335 468 276
Claims on nonbanking financial institutions 2 456 3 958 3 118 2 626 2 980 3 255 2 862
Liabilities 759 908 786 371 800 426 810 107 852 360 852 569 861 329
Liquidity liabilities 360 873 377 143 389 439 405 977 414 450 421 008 424 393
Money market instruments 32 765 34 305 31 460 31 830 31 242 30 860 31 646
Liabilities for Central Bank securities 58 253 64 990 55 206 35 474 47 356 40 431 36 288
Restricted deposits 16 18 22 20 25 24 23
Long-term foreign liabilities 55 915 64 538 84 616 75 658 87 564 82 119 77 253
Liabilities to nonbanking financial institutions 69 768 66 124 65 920 80 350 82 704 89 001 89 867
Capital accounts 248 583 247 187 248 570 248 444 252 257 251 500 257 181
Other items (net) - 66 265 - 67 934 - 74 808 - 67 644 - 63 239 - 62 374 - 55 322
1/ Consolidation of tables monetary survey and other banking institutions.
Boletim do Banco Central do Brasil January 2003
75
II.17 - Nonbanking financial institutions1/
R$ million
Itemization 2002
May Jun Jul Aug Sep Oct Nov
Assets 20 154 22 376 22 531 22 004 22 288 23 209 22 047
Reserves 6 5 6 15 19 20 5
Other claims on monetary authority 1 007 1 055 1 144 1 114 1 302 1 241 1 213
Foreign assets 28 32 35 30 39 35 34
Claims on central government (net) - includes securities debt 1 976 2 398 2 294 2 170 2 040 3 016 2 151
Claims on state and local governments (includes securities debt) 15 10 10 10 7 4 3
Claims on nonfinancial public enterprises 63 77 82 88 95 111 94
Claims on private sector 13 852 15 148 15 065 14 670 14 746 14 585 14 241
Claims on deposit money banks 3 188 3 639 3 823 3 900 4 027 4 187 4 266
Claims on other banking institutions 19 13 71 8 14 10 40
Liabilities 20 154 22 376 22 531 22 004 22 288 23 209 22 047
Money market instruments 6 380 6 435 6 562 6 668 5 781 6 054 6 110
Restricted deposits - - - - - - -
Foreign liabilities 889 610 724 637 828 769 775
Long-term foreign liabilities 2 924 3 293 3 825 3 513 4 404 4 146 3 984
Central government deposits 4 4 5 - 2 - -
Credit from monetary authority - 461 63 35 269 182 190
Credit from deposit money banks 1 136 1 083 1 373 1 292 1 000 1 184 575
Liabilities to other banking institutions 970 803 763 696 740 754 736
Capital accounts 20 495 22 273 22 477 22 438 22 794 23 901 23 620
Other items (net) - 12 645 - 12 586 - 13 261 - 13 275 - 13 530 - 13 781 - 13 943
1/ Comprises leasing companies, stock brokerage houses and distributor companies.
Boletim do Banco Central do Brasil January 2003
76
II.18 - Total credit operations in the financial system1/
End-of-period balances
R$ million
Period Public sector2/ Private sector Total
Federal State and Public Industry Housing Rural Commerce Individuals Other Private
government municipal sector services sector
governments total total
2000 Dec 3 584 8 979 12 563 85 787 55 966 27 082 31 747 60 725 46 153 307 460 320 023
2001 Jan 3 174 9 073 12 247 84 182 53 930 27 151 31 695 63 431 47 172 307 561 319 808
Feb 3 173 8 979 12 152 87 916 53 553 27 830 32 775 65 036 49 027 316 137 328 289
Mar 3 406 9 667 13 073 90 672 53 547 27 927 33 474 67 666 50 447 323 733 336 806
Apr 3 666 9 835 13 501 91 429 53 170 28 213 34 027 75 705 51 755 334 299 347 800
May 3 756 9 943 13 699 94 340 52 952 28 376 34 476 77 366 52 735 340 245 353 944
Jun 3 783 5 447 9 230 94 781 22 750 23 435 35 460 72 347 53 909 302 682 311 912
Jul 3 898 5 551 9 449 97 960 22 968 23 506 35 556 73 002 54 428 307 420 316 869
Aug 3 911 5 621 9 532 100 986 23 153 23 988 35 874 74 024 56 801 314 826 324 358
Sep 3 939 5 730 9 669 103 778 23 581 25 046 36 673 74 703 59 061 322 842 332 511
Oct 4 003 5 754 9 757 103 207 23 756 25 981 36 734 76 098 59 740 325 516 335 273
Nov 3 864 5 715 9 579 101 236 23 897 26 741 37 009 77 282 60 872 327 037 336 616
Dec 4 090 5 755 9 845 98 809 23 948 26 132 36 391 77 346 59 913 322 539 332 384
2002 Jan 3 711 5 809 9 520 99 108 24 044 26 262 36 183 78 258 60 091 323 946 333 466
Feb 3 686 5 825 9 511 100 541 24 047 27 383 35 691 78 581 58 659 324 902 334 413
Mar 3 791 5 961 9 752 100 358 23 950 27 267 35 738 79 433 59 017 325 763 335 515
Apr 3 835 6 037 9 872 99 675 23 924 27 476 36 088 81 983 59 823 328 969 338 841
May 3 976 6 078 10 054 101 757 24 076 27 671 36 618 82 947 60 601 333 670 343 724
Jun 3 893 6 117 10 010 106 162 24 132 27 942 38 351 82 812 62 238 341 637 351 647
Jul 3 739 6 741 10 480 110 231 24 014 27 385 38 903 82 734 64 906 348 173 358 653
Aug 3 622 6 739 10 361 107 258 23 947 27 659 38 414 82 797 63 529 343 604 353 965
Sep* 3 998 7 168 11 166 119 871 24 236 29 162 40 510 83 233 67 620 364 632 375 798
Oct* 3 490 6 367 9 857 117 636 24 280 30 890 39 954 84 165 65 716 362 641 372 498
Nov* 3 376 6 596 9 972 118 827 24 383 31 860 40 631 84 354 66 340 366 395 376 367
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Boletim do Banco Central do Brasil January 2003
77
II.19 - Total credit operations in the private financial system1/
End-of-period balances
R$ million
Period Public sector2/ Private sector Total
Federal State and Public Industry Housing Rural Commerce Individuals Other Private
government municipal sector services sector
governments total total
2000 Dec 1 035 688 1 723 53 013 9 967 7 994 25 748 46 202 34 925 177 849 179 572
2001 Jan 994 672 1 666 51 883 9 842 7 816 25 585 48 637 35 742 179 505 181 171
Feb 1 049 680 1 729 54 610 9 807 8 025 26 492 49 753 37 141 185 828 187 557
Mar 1 130 639 1 769 57 293 9 660 8 146 27 136 51 751 38 277 192 263 194 032
Apr 1 187 640 1 827 59 374 9 563 8 423 27 519 53 773 39 660 198 312 200 139
May 1 236 646 1 882 61 506 9 548 8 549 27 847 54 978 40 439 202 867 204 749
Jun 1 182 650 1 832 61 655 9 508 8 872 28 712 56 091 41 110 205 948 207 780
Jul 1 235 654 1 889 64 276 9 533 9 060 28 530 56 619 41 737 209 755 211 644
Aug 1 287 637 1 924 66 041 9 533 9 316 28 629 57 316 42 834 213 669 215 593
Sep 1 328 651 1 979 68 199 9 492 9 710 29 222 57 845 44 171 218 639 220 618
Oct 1 408 651 2 059 67 640 9 483 9 987 29 072 58 678 44 576 219 436 221 495
Nov 1 329 653 1 982 65 145 9 457 10 217 28 962 59 536 44 651 217 968 219 950
Dec 1 223 658 1 881 62 523 9 352 10 365 28 607 59 949 43 577 214 373 216 254
2002 Jan 1 269 670 1 939 62 331 9 325 10 222 28 138 60 900 43 026 213 942 215 881
Feb 1 277 672 1 949 62 283 9 218 10 299 27 577 60 794 42 502 212 673 214 622
Mar 1 275 708 1 983 61 545 9 280 9 892 27 532 61 337 42 937 212 523 214 506
Apr 1 318 751 2 069 60 719 9 217 9 803 27 849 63 347 43 507 214 442 216 511
May 1 430 756 2 186 61 865 9 191 9 644 28 204 63 943 43 843 216 690 218 876
Jun 1 550 668 2 218 64 809 9 124 9 780 29 806 64 025 44 873 222 417 224 635
Jul 1 769 690 2 459 67 034 8 976 9 944 30 428 63 954 46 656 226 992 229 451
Aug 1 638 748 2 386 63 930 8 755 10 164 29 847 64 062 45 382 222 140 224 526
Sep* 2 001 724 2 725 69 403 8 841 11 049 31 737 64 216 48 514 233 760 236 485
Oct* 1 956 712 2 668 67 652 8 760 11 677 31 231 64 280 46 933 230 533 233 201 Nov* 1 855 770 2 625 68 134 8 684 12 135 31 839 64 226 47 226 232 244 234 869
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Boletim do Banco Central do Brasil January 2003
78
II.20 - Total credit operations in the public financial system1/
End-of-period balances
R$ million
Period Public sector2/ Private sector Total
Federal State and Public Industry Housing Rural Commerce Individuals Other Private
government municipal sector services sector
governments total total
2000 Dec 2 549 8 291 10 840 32 774 45 999 19 088 5 999 14 523 11 228 129 611 140 451
2001 Jan 2 180 8 401 10 581 32 299 44 088 19 335 6 110 14 794 11 430 128 056 138 637
Feb 2 124 8 299 10 423 33 306 43 746 19 805 6 283 15 283 11 886 130 309 140 732
Mar 2 276 9 028 11 304 33 379 43 887 19 781 6 338 15 915 12 170 131 470 142 774
Apr 2 479 9 195 11 674 32 055 43 607 19 790 6 508 21 932 12 095 135 987 147 661
May 2 520 9 297 11 817 32 834 43 404 19 827 6 629 22 388 12 296 137 378 149 195
Jun 2 601 4 797 7 398 33 126 13 242 14 563 6 748 16 256 12 799 96 734 104 132
Jul 2 663 4 897 7 560 33 684 13 435 14 446 7 026 16 383 12 691 97 665 105 225
Aug 2 624 4 984 7 608 34 945 13 620 14 672 7 245 16 708 13 967 101 157 108 765
Sep 2 611 5 079 7 690 35 579 14 089 15 336 7 451 16 858 14 890 104 203 111 893
Oct 2 595 5 103 7 698 35 567 14 273 15 994 7 662 17 420 15 164 106 080 113 778
Nov 2 535 5 062 7 597 36 091 14 440 16 524 8 047 17 746 16 221 109 069 116 666
Dec 2 867 5 097 7 964 36 286 14 596 15 767 7 784 17 397 16 336 108 166 116 130
2002 Jan 2 442 5 139 7 581 36 777 14 719 16 040 8 045 17 358 17 065 110 004 117 585
Feb 2 409 5 153 7 562 38 258 14 829 17 084 8 114 17 787 16 157 112 229 119 791
Mar 2 516 5 253 7 769 38 813 14 670 17 375 8 206 18 096 16 080 113 240 121 009
Apr 2 517 5 286 7 803 38 956 14 707 17 673 8 239 18 636 16 316 114 527 122 330
May 2 546 5 322 7 868 39 892 14 885 18 027 8 414 19 004 16 758 116 980 124 848
Jun 2 343 5 449 7 792 41 353 15 008 18 162 8 545 18 787 17 365 119 220 127 012
Jul 1 970 6 051 8 021 43 197 15 038 17 441 8 475 18 780 18 250 121 181 129 202
Aug 1 984 5 991 7 975 43 328 15 192 17 495 8 567 18 735 18 147 121 464 129 439
Sep* 1 997 6 444 8 441 50 468 15 395 18 113 8 773 19 017 19 106 130 872 139 313
Oct* 1 534 5 655 7 189 49 984 15 520 19 213 8 723 19 885 18 783 132 108 139 297 Nov* 1 521 5 826 7 347 50 693 15 699 19 725 8 792 20 128 19 114 134 151 141 498
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Boletim do Banco Central do Brasil January 2003
79
II.21 - Credit operations in the financial system1/
Balances in R$ million and % participation on total
Segment November 2002*
Total Risk level
AA A B C D E F G H
Public sector2/ 9 972 2 894 2 123 3 812 142 587 111 3 2 298
100.0 29.0 21.3 38.2 1.4 5.9 1.1 0.0 0.0 3.0
Federal government 3 376 2 189 565 611 0 0 0 0 0 11
100.0 64.8 16.7 18.1 0.0 0.0 0.0 0.0 0.0 0.3
State and municipal governments 6 596 705 1 558 3 201 142 587 111 3 2 287
100.0 10.7 23.6 48.5 2.2 8.9 1.7 0.0 0.0 4.4
Private sector 366 395 97 132 122 439 63 704 36 914 19 828 5 443 5 003 2 771 13 161
100.0 26.5 33.4 17.4 10.1 5.4 1.5 1.4 0.8 3.6
Industry 118 827 45 115 25 905 24 147 12 691 5 610 1 261 1 122 340 2 636
100.0 38.0 21.8 20.3 10.7 4.7 1.1 0.9 0.3 2.2
Housing 24 383 2 240 7 936 3 385 3 457 4 573 535 327 241 1 689
100.0 9.2 32.5 13.9 14.2 18.8 2.2 1.3 1.0 6.9
Rural 31 860 8 151 11 425 5 662 3 806 799 492 300 436 789
100.0 25.6 35.9 17.8 11.9 2.5 1.5 0.9 1.4 2.5
Commerce 40 631 11 231 13 358 6 975 4 753 1 530 630 408 405 1 341
100.0 27.6 32.9 17.2 11.7 3.8 1.6 1.0 1.0 3.3
Individuals 84 354 6 724 46 697 11 003 5 896 4 742 1 760 1 308 979 5 245
100.0 8.0 55.4 13.0 7.0 5.6 2.1 1.6 1.2 6.2
Other services 66 340 23 671 17 118 12 532 6 311 2 574 765 1 538 370 1 461
100.0 35.7 25.8 18.9 9.5 3.9 1.2 2.3 0.6 2.2
Total 376 367 100 026 124 562 67 516 37 056 20 415 5 554 5 006 2 773 13 459
100.0 26.6 33.1 17.9 9.8 5.4 1.5 1.3 0.7 3.6
(continues)
Boletim do Banco Central do Brasil January 2003
80
II.21 - Credit operations in the financial system1/
(concluded) Balances in R$ million and % participation on total
Segment October 2002*
Total Risk level
AA A B C D E F G H
Public sector2/ 9 857 2 720 2 146 3 716 162 756 82 3 2 270
100.0 27.6 21.8 37.7 1.6 7.7 0.8 0.0 0.0 2.7
Federal government 3 490 2 171 572 626 8 102 0 0 0 11
100.0 62.2 16.4 17.9 0.2 2.9 0.0 0.0 0.0 0.3
State and municipal governments 6 367 549 1 574 3 090 154 654 82 3 2 259
100.0 8.6 24.7 48.5 2.4 10.3 1.3 0.0 0.0 4.1
Private sector 362 641 97 186 121 654 63 706 34 678 19 015 5 487 5 183 2 656 13 076
100.0 26.8 33.5 17.6 9.6 5.2 1.5 1.4 0.7 3.6
Industry 117 636 45 540 25 895 24 551 10 958 5 175 1 430 1 099 340 2 648
100.0 38.7 22.0 20.9 9.3 4.4 1.2 0.9 0.3 2.3
Housing 24 280 2 241 7 741 3 503 3 511 4 449 550 365 223 1 697
100.0 9.2 31.9 14.4 14.5 18.3 2.3 1.5 0.9 7.0
Rural 30 890 7 864 11 257 5 546 3 430 847 445 296 436 769
100.0 25.5 36.4 18.0 11.1 2.7 1.4 1.0 1.4 2.5
Commerce 39 954 11 201 13 016 6 877 4 688 1 395 551 405 417 1 404
100.0 28.0 32.6 17.2 11.7 3.5 1.4 1.0 1.0 3.5
Individuals 84 165 6 549 47 279 10 667 5 808 4 631 1 734 1 357 902 5 238
100.0 7.8 56.2 12.7 6.9 5.5 2.1 1.6 1.1 6.2
Other services 65 716 23 791 16 466 12 562 6 283 2 518 777 1 661 338 1 320
100.0 36.2 25.1 19.1 9.6 3.8 1.2 2.5 0.5 2.0
Total 372 498 99 906 123 800 67 422 34 840 19 771 5 569 5 186 2 658 13 346
100.0 26.8 33.2 18.1 9.4 5.3 1.5 1.4 0.7 3.6
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Note: As far as the debtor is concerned, financial institutions credit ratings must take into account the following factors, among others: financial economic situation, degree of indebtedness, economic activity sector, credit limit, type of credit operation, type of guaranties and amount of credit, as well as income status, wealth and
reference file in the case of individuals. Operations in arrears are classified according to their risk level, as following:
a) between 15 and 30 days: at least risk level B;
b) between 31 and 60 days: at least risk level C; c) between 61 and 90 days: at least risk level D;
d) between 91 and 120 days: at least risk level E;
e) between 121 and 150 days: at least risk level F;
f) between 151 and 180 days: at least risk level G;
g) of more than 180 days: risk level H.
Boletim do Banco Central do Brasil January 2003
81
II.22 - Credit operations in the private financial system1/
Balances in R$ million and % participation on total
Segment November 2002*
Total Risk level
AA A B C D E F G H
Public sector2/ 2 625 1 981 59 56 29 495 0 3 2 0
100.0 75.5 2.2 2.1 1.1 18.9 0.0 0.1 0.1 0.0
Federal government 1 855 1 810 39 6 0 0 0 0 0 0
100.0 97.6 2.1 0.3 0.0 0.0 0.0 0.0 0.0 0.0
State and municipal governments 770 171 20 50 29 495 0 3 2 0
100.0 22.2 2.6 6.5 3.8 64.3 0.0 0.4 0.3 0.0
Private sector 232 244 68 076 85 621 34 008 23 055 6 548 3 418 2 297 1 911 7 310
100.0 29.3 36.9 14.6 9.9 2.8 1.5 1.0 0.8 3.1
Industry 68 134 29 082 18 243 9 866 7 120 1 438 731 418 244 992
100.0 42.7 26.8 14.5 10.4 2.1 1.1 0.6 0.4 1.5
Housing 8 684 1 934 2 839 1 657 890 536 126 108 75 519
100.0 22.3 32.7 19.1 10.2 6.2 1.5 1.2 0.9 6.0
Rural 12 135 3 541 3 956 1 283 2 295 235 268 58 320 179
100.0 29.2 32.6 10.6 18.9 1.9 2.2 0.5 2.6 1.5
Commerce 31 839 9 350 10 083 5 431 4 122 949 475 279 275 875
100.0 29.4 31.7 17.1 12.9 3.0 1.5 0.9 0.9 2.7
Individuals 64 226 5 735 37 126 8 923 3 279 2 263 1 353 971 697 3 879
100.0 8.9 57.8 13.9 5.1 3.5 2.1 1.5 1.1 6.0
Other services 47 226 18 434 13 374 6 848 5 349 1 127 465 463 300 866
100.0 39.0 28.3 14.5 11.3 2.4 1.0 1.0 0.6 1.8
Total 234 869 70 057 85 680 34 064 23 084 7 043 3 418 2 300 1 913 7 310
100.0 29.8 36.5 14.5 9.8 3.0 1.5 1.0 0.8 3.1
(continues)
Boletim do Banco Central do Brasil January 2003
82
II.22 - Credit operations in the private financial system1/
(concluded) Balances in R$ million and % participation on total
Segment October 2002*
Total Risk level
AA A B C D E F G H
Public sector2/ 2 668 1 922 65 58 30 588 0 3 2 0
100.0 72.0 2.4 2.2 1.1 22.0 0.0 0.1 0.1 0.0
Federal government 1 956 1 792 47 9 7 101 0 0 0 0
100.0 91.6 2.4 0.5 0.4 5.2 0.0 0.0 0.0 0.0
State and municipal governments 712 130 18 49 23 487 0 3 2 0
100.0 18.3 2.5 6.9 3.2 68.4 0.0 0.4 0.3 0.0
Private sector 230 533 68 868 84 538 34 559 21 341 6 190 3 225 2 515 1 834 7 463
100.0 29.9 36.7 15.0 9.3 2.7 1.4 1.1 0.8 3.2
Industry 67 652 29 847 18 000 10 399 5 743 1 287 657 434 226 1 059
100.0 44.1 26.6 15.4 8.5 1.9 1.0 0.6 0.3 1.6
Housing 8 760 1 929 2 872 1 685 889 545 119 117 73 531
100.0 22.0 32.8 19.2 10.1 6.2 1.4 1.3 0.8 6.1
Rural 11 677 3 317 3 907 1 307 2 117 227 244 63 328 167
100.0 28.4 33.5 11.2 18.1 1.9 2.1 0.5 2.8 1.4
Commerce 31 231 9 334 9 746 5 404 3 984 859 419 279 290 916
100.0 29.9 31.2 17.3 12.8 2.8 1.3 0.9 0.9 2.9
Individuals 64 280 5 580 37 364 8 842 3 278 2 185 1 319 1 013 683 4 016
100.0 8.7 58.1 13.8 5.1 3.4 2.1 1.6 1.1 6.2
Other services 46 933 18 861 12 649 6 922 5 330 1 087 467 609 234 774
100.0 40.2 27.0 14.7 11.4 2.3 1.0 1.3 0.5 1.6
Total 233 201 70 790 84 603 34 617 21 371 6 778 3 225 2 518 1 836 7 463
100.0 30.4 36.3 14.8 9.2 2.9 1.4 1.1 0.8 3.2
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Note: As far as the debtor is concerned, financial institutions credit ratings must take into account the following factors, among others: financial economic situation, degree of indebtedness, economic activity sector, credit limit, type of credit operation, type of guaranties and amount of credit, as well as income status, wealth and
reference file in the case of individuals. Operations in arrears are classified according to their risk level, as following:
a) between 15 and 30 days: at least risk level B;
b) between 31 and 60 days: at least risk level C; c) between 61 and 90 days: at least risk level D;
d) between 91 and 120 days: at least risk level E;
e) between 121 and 150 days: at least risk level F;
f) between 151 and 180 days: at least risk level G;
g) of more than 180 days: risk level H.
Boletim do Banco Central do Brasil January 2003
83
II.23 - Credit operations in the public financial system1/
Balances in R$ million and % participation on total
Segment November 2002*
Total Risk level
AA A B C D E F G H
Public sector2/ 7 347 913 2 064 3 756 113 92 111 0 0 298
100.0 12.4 28.1 51.1 1.5 1.3 1.5 0.0 0.0 4.1
Federal government 1 521 379 526 605 0 0 0 0 0 11
100.0 24.9 34.6 39.8 0.0 0.0 0.0 0.0 0.0 0.7
State and municipal governments 5 826 534 1 538 3 151 113 92 111 0 0 287
100.0 9.2 26.4 54.1 1.9 1.6 1.9 0.0 0.0 4.9
Private sector 134 151 29 056 36 818 29 696 13 859 13 280 2 025 2 706 860 5 851
100.0 21.7 27.4 22.1 10.3 9.9 1.5 2.0 0.6 4.4
Industry 50 693 16 033 7 662 14 281 5 571 4 172 530 704 96 1 644
100.0 31.6 15.1 28.2 11.0 8.2 1.0 1.4 0.2 3.2
Housing 15 699 306 5 097 1 728 2 567 4 037 409 219 166 1 170
100.0 1.9 32.5 11.0 16.4 25.7 2.6 1.4 1.1 7.5
Rural 19 725 4 610 7 469 4 379 1 511 564 224 242 116 610
100.0 23.4 37.9 22.2 7.7 2.9 1.1 1.2 0.6 3.1
Commerce 8 792 1 881 3 275 1 544 631 581 155 129 130 466
100.0 21.4 37.2 17.6 7.2 6.6 1.8 1.5 1.5 5.3
Individuals 20 128 989 9 571 2 080 2 617 2 479 407 337 282 1 366
100.0 4.9 47.6 10.3 13.0 12.3 2.0 1.7 1.4 6.8
Other services 19 114 5 237 3 744 5 684 962 1 447 300 1 075 70 595
100.0 27.4 19.6 29.7 5.0 7.6 1.6 5.6 0.4 3.1
Total 141 498 29 969 38 882 33 452 13 972 13 372 2 136 2 706 860 6 149
100.0 21.2 27.5 23.6 9.9 9.5 1.5 1.9 0.6 4.3
(continues)
Boletim do Banco Central do Brasil January 2003
84
II.23 - Credit operations in the public financial system1/
(concluded) Balances in R$ million and % participation on total
Segment October 2002*
Total Risk level
AA A B C D E F G H
Public sector2/ 7 189 798 2 081 3 658 132 168 82 0 0 270
100.0 11.1 28.9 50.9 1.8 2.3 1.1 0.0 0.0 3.8
Federal government 1 534 379 525 617 1 1 0 0 0 11
100.0 24.7 34.2 40.2 0.1 0.1 0.0 0.0 0.0 0.7
State and municipal governments 5 655 419 1 556 3 041 131 167 82 0 0 259
100.0 7.4 27.5 53.8 2.3 3.0 1.5 0.0 0.0 4.6
Private sector 132 108 28 318 37 116 29 147 13 337 12 825 2 262 2 668 822 5 613
100.0 21.4 28.1 22.1 10.1 9.7 1.7 2.0 0.6 4.2
Industry 49 984 15 693 7 895 14 152 5 215 3 888 773 665 114 1 589
100.0 31.4 15.8 28.3 10.4 7.8 1.5 1.3 0.2 3.2
Housing 15 520 312 4 869 1 818 2 622 3 904 431 248 150 1 166
100.0 2.0 31.4 11.7 16.9 25.2 2.8 1.6 1.0 7.5
Rural 19 213 4 547 7 350 4 239 1 313 620 201 233 108 602
100.0 23.7 38.3 22.1 6.8 3.2 1.0 1.2 0.6 3.1
Commerce 8 723 1 867 3 270 1 473 704 536 132 126 127 488
100.0 21.4 37.5 16.9 8.1 6.1 1.5 1.4 1.5 5.6
Individuals 19 885 969 9 915 1 825 2 530 2 446 415 344 219 1 222
100.0 4.9 49.9 9.2 12.7 12.3 2.1 1.7 1.1 6.1
Other services 18 783 4 930 3 817 5 640 953 1 431 310 1 052 104 546
100.0 26.2 20.3 30.0 5.1 7.6 1.7 5.6 0.6 2.9
Total 139 297 29 116 39 197 32 805 13 469 12 993 2 344 2 668 822 5 883
100.0 20.9 28.1 23.6 9.7 9.3 1.7 1.9 0.6 4.2
1/ Leasing operations included.
2/ Federal government, government agencies and foundations and entrepreneurial activities.
Note: As far as the debtor is concerned, financial institutions credit ratings must take into account the following factors, among others: financial economic situation, degree of indebtedness, economic activity sector, credit limit, type of credit operation, type of guaranties and amount of credit, as well as income status, wealth and
reference file in the case of individuals. Operations in arrears are classified according to their risk level, as following:
a) between 15 and 30 days: at least risk level B;
b) between 31 and 60 days: at least risk level C; c) between 61 and 90 days: at least risk level D;
d) between 91 and 120 days: at least risk level E;
e) between 121 and 150 days: at least risk level F;
f) between 151 and 180 days: at least risk level G;
g) of more than 180 days: risk level H.
Boletim do Banco Central do Brasil January 2003
85
II.24 - Credit operations in the financial system Provisions
R$ million
Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total
2000 Dec 138 605 643 881 1 132 1 252 1 456 1 881 12 829 20 817
2001 Jan 84 556 576 728 983 1 346 1 483 1 625 12 923 20 304
Feb 133 505 487 786 1 127 1 293 1 592 1 650 13 270 20 843
Mar 146 540 586 910 1 277 1 296 1 758 1 718 12 909 21 140
Apr 135 585 618 847 1 206 1 347 1 732 1 654 13 454 21 578
May 129 594 631 852 1 211 1 427 1 637 1 727 13 869 22 077
Jun 186 573 656 1 013 1 562 1 360 1 780 1 599 12 782 21 511
Jul 162 581 709 1 032 1 816 1 318 1 708 1 820 12 212 21 358
Aug 166 595 726 1 035 1 823 1 382 1 712 1 740 12 540 21 719
Sep 162 683 711 1 082 1 900 1 513 1 766 1 731 12 115 21 663
Oct 229 657 749 995 1 796 1 588 2 219 1 736 12 787 22 756
Nov 220 660 742 1 004 1 787 1 574 2 254 1 924 12 784 22 949
Dec 81 718 709 1 040 1 882 1 473 2 667 1 917 14 102 24 589
2002 Jan 150 666 715 1 072 1 835 1 576 2 578 2 146 14 527 25 265
Feb 148 668 722 1 043 1 804 1 702 2 533 2 211 14 671 25 502
Mar 150 671 728 1 032 1 844 1 669 2 734 2 163 14 301 25 292
Apr 144 681 759 1 045 1 917 1 760 2 649 2 296 14 694 25 945
May 132 714 712 1 157 2 260 1 779 2 329 2 026 14 832 25 941
Jun 165 717 775 1 185 2 369 1 755 2 323 2 341 13 982 25 612
Jul 204 742 773 1 280 2 411 1 877 2 307 2 543 13 337 25 474
Aug 191 724 794 1 301 2 521 1 891 2 463 2 199 13 030 25 114
Sep* 190 756 868 1 309 2 702 1 905 2 800 2 104 13 151 25 785
Oct* 185 754 893 1 491 2 750 1 979 2 867 2 018 13 247 26 184
Nov* 186 745 879 1 439 2 824 1 952 2 779 2 096 13 343 26 243
Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits. Provisions cannot be lower than the amounts obtained when applying the following percentuals:
I - 0.5% on the value of operations classified as risk level A;
II - 1% on the value of operations classified as risk level B;
III - 3% on the value of operations classified as risk level C;
IV - 10% on the value of operations classified as risk level D; V - 30% on the value of operations classified as risk level E;
VI - 50% on the value of operations classified as risk level F;
VII - 70% on the value of operations classified as risk level G;
VIII - 100% on the value of operations classified as risk level H.
Boletim do Banco Central do Brasil January 2003
86
II.25 - Credit operations in the private financial system Provisions
R$ million
Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total
2000 Dec 125 518 326 725 746 610 868 1 233 6 280 11 431
2001 Jan 75 405 252 566 573 656 858 1 235 6 300 10 920
Feb 126 350 246 616 636 641 894 1 254 6 321 11 084
Mar 143 381 349 725 806 679 945 1 308 5 674 11 010
Apr 129 394 382 666 812 701 913 1 198 5 988 11 183
May 129 418 388 669 806 744 987 1 169 6 181 11 491
Jun 173 423 397 682 862 684 1 040 1 276 5 942 11 479
Jul 148 432 415 691 892 749 1 010 1 355 6 064 11 756
Aug 147 434 418 702 867 766 1 101 1 270 6 208 11 913
Sep 147 527 431 749 892 781 1 095 1 299 6 225 12 146
Oct 219 493 446 759 913 804 1 200 1 244 6 394 12 472
Nov 211 486 438 763 931 845 1 165 1 296 6 345 12 480
Dec 81 549 437 760 1 016 986 1 148 1 422 6 373 12 772
2002 Jan 150 493 442 762 1 024 1 074 1 167 1 463 6 582 13 157
Feb 148 488 446 745 959 1 088 1 193 1 493 6 676 13 236
Mar 150 489 448 756 948 1 086 1 165 1 559 6 634 13 235
Apr 144 497 472 774 958 1 184 1 157 1 523 7 075 13 784
May 132 517 436 772 991 1 229 1 127 1 489 7 231 13 924
Jun 165 517 472 800 1 033 1 193 1 122 1 551 7 191 14 044
Jul 203 540 494 802 1 012 1 179 1 160 1 618 7 404 14 412
Aug 191 530 494 809 978 1 186 1 108 1 561 7 468 14 325
Sep* 189 557 536 841 1 083 1 203 1 369 1 557 7 574 14 909
Oct* 185 556 547 1 019 1 165 1 245 1 495 1 387 7 462 15 061
Nov* 186 548 527 942 1 195 1 284 1 386 1 444 7 287 14 799
Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.
Provisions cannot be lower than the amounts obtained when applying the following percentuals:
I - 0.5% on the value of operations classified as risk level A;
II - 1% on the value of operations classified as risk level B; III - 3% on the value of operations classified as risk level C;
IV - 10% on the value of operations classified as risk level D; V - 30% on the value of operations classified as risk level E;
VI - 50% on the value of operations classified as risk level F; VII - 70% on the value of operations classified as risk level G;
VIII - 100% on the value of operations classified as risk level H.
Boletim do Banco Central do Brasil January 2003
87
II.26 - Credit operations in the public financial system Provisions
R$ million
Period Level AA Level A Level B Level C Level D Level E Level F Level G Level H Total
2000 Dec 13 87 317 156 386 642 588 648 6 549 9 386
2001 Jan 9 151 324 162 410 690 625 390 6 623 9 384
Feb 7 155 241 170 491 652 698 396 6 949 9 759
Mar 3 159 237 185 471 617 813 410 7 235 10 130
Apr 6 191 236 181 394 646 819 456 7 466 10 395
May 0 176 243 183 405 683 650 558 7 688 10 586
Jun 13 150 259 331 700 676 740 323 6 840 10 032
Jul 14 149 294 341 924 569 698 465 6 148 9 602
Aug 19 161 308 333 956 616 611 470 6 332 9 806
Sep 15 156 280 333 1 008 732 671 432 5 890 9 517
Oct 10 164 303 236 883 784 1 019 492 6 393 10 284
Nov 9 174 304 241 856 729 1 089 628 6 439 10 469
Dec 0 169 272 280 866 487 1 519 495 7 729 11 817
2002 Jan 0 173 273 310 811 502 1 411 683 7 945 12 108
Feb 0 180 276 298 845 614 1 340 718 7 995 12 266
Mar 0 182 280 276 896 583 1 569 604 7 667 12 057
Apr 0 184 287 271 959 576 1 492 773 7 619 12 161
May 0 197 276 385 1 269 550 1 202 537 7 601 12 017
Jun 0 200 303 385 1 336 562 1 201 790 6 791 11 568
Jul 1 202 279 478 1 399 698 1 147 925 5 933 11 062
Aug 0 194 300 492 1 543 705 1 355 638 5 562 10 789
Sep* 1 199 332 468 1 619 702 1 431 547 5 577 10 876
Oct* 0 198 346 472 1 585 734 1 372 631 5 785 11 123
Nov* 0 197 352 497 1 629 668 1 393 652 6 056 11 444
Note: Provisions to meet doubtful debts must be made every month in order to cover eventual losses during the payment of credits.
Provisions cannot be lower than the amounts obtained when applying the following percentuals:
I - 0.5% on the value of operations classified as risk level A;
II - 1% on the value of operations classified as risk level B; III - 3% on the value of operations classified as risk level C;
IV - 10% on the value of operations classified as risk level D; V - 30% on the value of operations classified as risk level E;
VI - 50% on the value of operations classified as risk level F; VII - 70% on the value of operations classified as risk level G;
VIII - 100% on the value of operations classified as risk level H.
III - Capital and financial markets
Boletim do Banco Central do Brasil January 2003
91
III.1 - Interest rates
###
Period Federal funds rate Money market interest Reference rate1/ Financial basic rate1/ Long-term interest rate2/
% p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y. % p.m. % p.y.
1998 Dec 2.40 31.24 2.38 30.89 0.74 8.85 2.20 28.37 1.39 18.06
1999 Dec 1.60 18.99 1.58 18.77 0.30 3.33 1.55 18.40 0.99 12.502000 Dec 1.20 16.19 1.19 16.13 0.10 1.26 1.16 15.64 0.78 9.75
2001 Jan 1.27 15.49 1.26 15.40 0.14 1.58 1.23 15.01 0.74 9.25
Feb 1.02 15.20 1.01 15.10 0.04 0.52 0.97 14.42 0.74 9.25Mar 1.26 15.39 1.25 15.29 0.17 1.99 1.20 14.70 0.74 9.25
Apr 1.19 16.02 1.18 15.93 0.15 1.97 1.17 15.73 0.74 9.25May 1.34 16.43 1.33 16.40 0.18 2.11 1.32 16.27 0.74 9.25
Jun 1.27 17.28 1.27 17.28 0.15 1.85 1.24 16.76 0.74 9.25Jul 1.50 18.57 1.50 18.61 0.24 2.83 1.44 17.75 0.76 9.50
Aug 1.60 19.00 1.60 19.01 0.34 3.83 1.63 19.36 0.76 9.50Sep 1.32 19.06 1.32 19.04 0.16 2.18 1.27 18.29 0.76 9.50
Oct 1.53 19.06 1.53 19.05 0.29 3.39 1.53 19.06 0.80 10.00Nov 1.39 19.05 1.39 19.05 0.19 2.46 1.34 18.27 0.80 10.00
Dec 1.39 19.05 1.39 19.05 0.20 2.53 1.27 17.28 0.80 10.00
2002 Jan 1.53 19.05 1.53 19.02 0.26 3.01 1.46 18.09 0.80 10.00Feb 1.25 18.97 1.25 18.95 0.12 1.65 1.20 18.15 0.80 10.00
Mar 1.37 18.72 1.37 18.70 0.18 2.24 1.30 17.64 0.80 10.00Apr 1.48 18.37 1.48 18.37 0.24 2.73 1.43 17.64 0.76 9.50May 1.41 18.37 1.40 18.21 0.21 2.55 1.30 16.73 0.76 9.50Jun 1.33 18.10 1.31 17.82 0.16 2.01 1.27 17.24 0.76 9.50Jul 1.54 18.17 1.53 18.15 0.27 2.95 1.48 17.45 0.80 10.00Aug 1.44 17.84 1.45 17.86 0.25 2.88 1.45 17.94 0.80 10.00Sep 1.38 17.89 1.38 17.89 0.20 2.37 1.34 17.29 0.80 10.00Oct 1.65 19.59 1.64 19.53 0.28 3.07 1.50 17.72 0.80 10.00Nov 1.54 21.25 1.53 21.14 0.26 3.38 1.48 20.30 0.80 10.00
1/ Refers to the first day of the month. Rate annualized according to base 252 (252 working days).2/ Fixed for the quarter.
Boletim do Banco Central do Brasil January 2003
92
III.2 - Velocity of circulation of main financial assets
###
Period Velocity of circulation1/ Memorandum (R$ million)2/
Demand Savings Time Demand deposits Savings deposits Time deposits
deposits deposits deposits
Redemptions Average Redemptions Average Redemptions Average
in month3/ daily in month daily in month daily
balances balances balances
1998 Dec 5.2 0.3 0.4 149 229 28 517 27 686 107 156 37 381 90 3541999 Dec 4.4 0.4 0.5 154 754 35 459 42 772 111 309 42 727 94 002
2000 Dec 3.5 0.3 0.4 152 545 43 697 37 497 110 531 32 927 93 259
2001 Jan 3.8 0.3 0.3 164 108 43 717 35 736 112 365 31 305 91 339Feb 3.1 0.3 0.3 134 614 42 777 30 095 112 178 25 515 91 909
Mar 3.9 0.3 0.4 167 395 42 828 34 270 111 925 34 075 92 491Apr 3.6 0.3 0.4 150 554 42 396 33 944 111 778 35 375 93 936
May 3.8 0.3 0.3 161 131 42 185 35 265 111 898 31 986 95 648Jun 3.5 0.3 0.3 150 933 42 633 34 599 113 001 30 766 97 012
Jul 3.8 0.3 0.3 164 426 43 738 37 617 113 814 35 025 100 329Aug 3.8 0.3 0.3 162 120 42 997 37 592 114 178 28 595 104 795
Sep 3.3 0.3 0.3 144 716 43 384 33 817 114 457 29 986 105 372Oct 3.9 0.3 0.4 166 538 43 068 38 426 114 689 38 957 107 382
Nov 3.6 0.3 0.3 156 360 43 130 37 342 115 392 29 931 107 658Dec 3.4 0.4 0.4 162 044 48 255 43 823 118 365 40 680 109 035
2002 Jan 3.4 0.4 0.3 163 472 47 955 42 138 119 150 34 117 110 073
Feb 3.0 0.3 0.3 137 632 46 493 36 267 118 946 34 152 110 581Mar 3.2 0.3 0.3 144 785 45 650 37 893 119 407 36 809 115 726
Apr 3.4 0.3 0.4 155 579 45 918 41 159 119 405 46 558 118 687May 3.2 0.3 0.3 147 051 46 446 39 825 119 509 38 727 121 035Jun 2.7 0.3 0.3 134 693 50 118 37 513 122 798 40 242 122 705Jul 2.9 0.3 0.3 153 480 52 621 42 973 128 480 38 493 126 444Aug 2.5 0.3 0.2 137 232 53 888 42 085 133 923 32 437 133 422Sep 2.5 0.3 0.2 135 594 54 911 42 617 136 687 32 270 137 237Oct 2.6 0.3 0.3 147 272 56 200 46 105 138 192 38 298 141 360Nov 1.9 0.3 0.2 108 066 56 810 44 026 138 349 27 517 143 427
1/ Relation redemptions/balances.
2/ Average daily balances of working days of the month indicated. 3/ Flow of the check clearing.
Boletim do Banco Central do Brasil January 2003
93
III.3 - Investment funds - portfolio destination1/
####R$ million
Period Destination Financial Investment fund Stocks Mutual Total
investment of state funds privatization
funds2/companies funds
2002 Sep Federal securities 199 806 643 1 563 15 202 027State and municipal securities - - - - -
Private securities 19 316 - 62 - 19 378Debenture 15 935 - 161 - 16 095
Commercial papers 5 - - - 5Fund quotas - - 311 - 311
Repurchase agreements 62 238 10 420 76 - 72 734Stocks 1 940 - 17 027 2 967 21 933
Deposits with the Bacen - - - - - Other 6 008 - - 284 6 292
Portfolio total 305 247 11 063 19 199 3 265 338 775
Oct Federal securities 199 210 1 268 1 680 19 202 177State and municipal securities - - - - - Private securities 20 275 - 80 - 20 355Debenture 16 133 - 168 - 16 301Commercial papers 3 - - - 3Fund quotas - - 373 - 373Repurchase agreements 65 873 10 504 80 - 76 457Stocks 2 139 - 19 503 3 396 25 038Deposits with the Bacen - - - - - Other 6 550 - 40 316 6 906Portfolio total 310 183 11 772 21 924 3 732 347 612
Nov Federal securities 198 947 1 499 1 676 23 202 144State and municipal securities - - - - - Private securities 20 445 - 91 - 20 536Debenture 16 857 - 156 - 17 013Commercial papers 3 - - - 3Fund quotas - - 387 - 387Repurchase agreements 71 172 11 095 91 - 82 358Stocks 2 147 - 19 645 3 420 25 212Deposits with the Bacen - - - - - Other 6 370 - - 409 6 779Portfolio total 315 940 12 593 22 046 3 852 354 431
1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.
Boletim do Banco Central do Brasil January 2003
94
III.4 - Investment funds - portfolio destination1/
Relative participation %
Period Destination Financial Investment fund Stocks Mutual Total
investment of state funds privatization
funds2/companies funds
2002 Sep Federal securities 65.5 5.8 8.1 0.4 59.6
State and municipal securities - - - - -
Private securities 6.3 - 0.3 - 5.7
Debenture 5.2 - 0.8 - 4.8
Commercial papers 0.0 - - - 0.0
Fund quotas - - 1.6 - 0.1
Repurchase agreements 20.4 94.2 0.4 - 21.5
Stocks 0.6 - 88.7 90.9 6.5
Deposits with the Bacen - - - - -
Other 2.0 - - 8.7 1.9
Portfolio total 100.0 100.0 100.0 100.0 100.0
Oct Federal securities 64.2 10.8 7.7 0.5 58.2
State and municipal securities - - - - -
Private securities 6.5 - 0.4 - 5.9
Debenture 5.2 - 0.8 - 4.7
Commercial papers 0.0 - - - 0.0
Fund quotas - - 1.7 - 0.1
Repurchase agreements 21.2 89.2 0.4 - 22.0
Stocks 0.7 - 89.0 91.0 7.2
Deposits with the Bacen - - - - -
Other 2.1 - 0.2 8.5 2.0
Portfolio total 100.0 100.0 100.0 100.0 100.0
Nov Federal securities 63.0 11.9 7.6 0.6 57.0
State and municipal securities - - - - -
Private securities 6.5 - 0.4 - 5.8
Debenture 5.3 - 0.7 - 4.8
Commercial papers 0.0 - - - 0.0
Fund quotas - - 1.8 - 0.1
Repurchase agreements 22.5 88.1 0.4 - 23.2
Stocks 0.7 - 89.1 88.8 7.1
Deposits with the Bacen - - - - -
Other 2.0 - - 10.6 1.9
Portfolio total 100.0 100.0 100.0 100.0 100.0
1/ Portfolio value = net worth - availabilities - amounts receivable + liabilities.2/ The net worth is a proxy of the portfolio value.
Boletim do Banco Central do Brasil January 2003
95
III.5 - Mutual investment funds
###R$ million
Period Financial investment funds Investment fund of Stock funds1/
state companies
Net worth Net inflow Net worth Net inflow Net worth Net inflow
(balance) (flow) (balance) (flow) (balance) (flow)
1998 Dec 134 808 1 550 5 021 - 222 13 412 1371999 Dec 198 663 2 525 10 383 -1 504 20 778 3892000 Dec 271 538 - 938 10 407 -2 169 24 466 - 439
2001 Jan 283 148 7 764 10 218 - 309 27 112 - 324Feb 287 191 1 100 11 212 889 25 907 - 227Mar 291 896 1 318 10 359 - 988 25 650 1 244Apr 292 056 -3 411 11 074 590 27 185 103May 295 944 - 887 11 863 638 27 752 26Jun 298 475 - 254 13 048 1 031 26 772 - 527Jul 304 972 1 099 15 168 1 926 25 772 - 487Aug 311 915 1 102 11 860 -3 511 25 041 - 177Sep 317 320 251 12 905 890 23 148 - 70Oct 320 346 -1 623 13 279 176 23 578 20Nov 320 164 -2 130 12 791 - 672 24 548 - 164Dec 320 604 -1 828 12 345 - 616 24 925 - 368
2002 Jan 330 274 3 858 11 253 -1 270 24 259 15Feb 332 060 -1 417 9 547 -1 838 25 769 - 65Mar 335 021 - 625 12 388 2 705 26 693 998Apr 334 603 -5 410 13 280 673 26 304 - 184May 335 927 -1 344 12 479 - 984 26 106 - 445Jun 319 580 -21 181 12 066 - 584 24 434 - 85Jul 307 429 -17 526 11 360 - 883 23 048 - 90Aug 301 995 -9 039 11 494 - 52 23 846 257Sep 305 247 -6 146 11 418 - 172 22 464 34Oct 310 183 - 942 12 114 693 25 656 157Nov 315 940 - 341 12 945 323 25 898 - 50
1/ Since October, 2000, include Privatization Funds with resources from Severance Fund Contribuition (FMP-FGTS).
Boletim do Banco Central do Brasil January 2003
96
III.6 - Savings deposits and time deposits
###R$ million
Period Time deposits Savings deposits
Brazilian System of Rural Total
Savings and Loans
Balance1/ Net inflow2/ Balance Net inflow Balance Net inflow Balance Net inflow
1998 Dec 89 072 -3 215 88 538 410 18 883 - 233 107 422 177
1999 Dec 94 722 - 302 90 438 179 20 294 - 285 110 732 - 106
2000 Dec 89 936 -2 047 91 433 2 291 20 311 34 111 744 2 325
2001 Jan 90 146 210 91 452 - 500 20 574 151 112 026 - 349
Feb 90 527 380 91 700 - 290 20 621 - 80 112 321 - 370
Mar 91 955 1 428 91 069 -1 116 20 609 - 121 111 678 -1 237
Apr 92 959 1 005 90 932 - 701 20 766 26 111 698 - 675
May 95 815 2 856 91 738 242 20 846 - 52 112 583 190
Jun 97 865 2 050 92 586 261 20 908 - 76 113 494 185
Jul 99 775 1 910 92 771 - 386 21 078 38 113 849 - 348
Aug 103 581 3 806 92 978 - 503 21 215 - 28 114 193 - 531
Sep 104 691 1 111 93 365 - 306 21 338 - 36 114 703 - 343
Oct 104 364 - 327 93 733 - 259 21 279 - 211 115 012 - 469
Nov 106 919 2 555 95 065 673 21 294 - 137 116 359 536
Dec 107 609 689 97 148 1 444 21 553 114 118 701 1 558
2002 Jan 109 045 1 436 96 848 - 939 21 836 134 118 684 - 805
Feb 110 307 1 262 97 362 - 143 21 885 - 106 119 247 - 248
Mar 119 365 9 058 97 564 - 395 21 920 - 106 119 484 - 500
Apr 116 436 -1 880 97 221 - 974 21 907 - 164 119 128 -1 139
May 118 367 1 931 97 696 - 165 21 930 - 124 119 627 - 288
Jun 122 417 4 049 102 732 4 424 22 951 869 125 684 5 293
Jul 126 727 4 311 105 936 2 538 24 694 1 583 130 629 4 121
Aug 135 724 8 997 109 257 2 574 26 259 1 389 135 516 3 962
Sep 136 192 468 111 941 808 26 752 138 138 693 946
Oct 143 320 7 128 111 202 - 339 26 957 189 138 160 - 149
Nov 142 124 -1 196 111 933 - 77 27 011 - 150 138 944 - 227
1/ Data refer to Art. 1st of Circular 2,132, dated 2.6.1992.2/ Data refer to Art. 2nd of Circular 2,132, dated 2.6.1992. Since September/1999, this value change to balance variation.
Boletim do Banco Central do Brasil January 2003
97
III.7 - Nominal income of major financial investments
#% p.m.
Period Savings1/ Banking Investment funds3/ Gold4/ Commercial Ibovespa4/
certificates exchange
of deposits2/ Investment Stocks rate4/
funds of state
companies
1998 Dec 1.25 2.29 2.32 -8.41 -3.51 0.62 -21.401999 Dec 0.80 1.59 1.47 11.21 -8.45 -6.95 24.052000 Dec 0.60 1.17 1.15 5.96 1.15 -0.21 14.84
2001 Jan 0.64 1.22 1.22 10.62 -3.33 0.80 15.81Feb 0.54 0.99 0.97 -3.46 3.45 3.76 -10.08Mar 0.67 1.28 1.20 -5.86 0.56 5.69 -9.14Apr 0.66 1.28 1.14 5.39 6.08 1.07 3.32May 0.68 1.38 1.28 0.85 9.90 8.02 -1.80Jun 0.65 1.30 1.22 -1.67 -0.47 -2.33 -0.61Jul 0.75 1.67 1.44 -2.14 0.00 5.48 -5.53Aug 0.85 1.65 1.53 -2.12 4.05 4.95 -6.65Sep 0.66 1.34 1.27 -6.99 14.87 4.69 -17.17Oct 0.79 1.57 1.47 2.59 -5.58 1.34 6.85Nov 0.69 1.37 1.34 4.88 -7.17 -6.59 13.79Dec 0.70 1.38 1.31 3.56 -2.27 -8.24 4.47
2002 Jan 0.76 1.49 1.47 -2.62 3.64 4.22 -5.83Feb 0.62 1.22 1.20 6.54 -0.22 -2.90 10.31Mar 0.68 1.32 1.32 0.65 0.70 -1.05 -5.55Apr 0.74 1.45 1.16 -0.36 3.45 1.67 -1.28May 0.71 1.38 1.39 0.28 12.24 6.75 -1.71Jun 0.66 1.33 1.31 -5.41 9.02 12.78 -13.39Jul 0.77 1.54 1.51 -5.04 20.34 20.54 -12.36Aug 0.75 1.45 1.41 2.68 -11.17 -11.85 6.35Sep 0.70 1.37 1.35 -5.77 20.97 28.87 -16.95Oct 0.78 1.69 1.60 13.60 -1.87 -6.42 17.92Nov 0.77 1.58 1.51 1.04 2.22 -0.23 3.35
1/ Reference rate (TR) +0,5% per month; earning refer to savings deposits with anniversary on the 1st of month following the month indicated (greater occurrence). 2/ Estimates for the month based on data collected by dealers of the Open-market Operations Department at the major financial institutions. 3/ Average yield estimate based on financial institution figures. 4/ Change at the end of the period.
Boletim do Banco Central do Brasil January 2003
98
III.8 - Futures market - BM&F Interest rates, exchange devaluation and exchange coupon#####
Period One day Interbank Deposit (DI) Commercial U.S. dollar Exchange coupon
% p.y. % p.y. % p.y.
t t+1 t+2 t+3 t+4 t t+1 t+2 t t+1 t+2
1998 Dec 29.83 29.98 29.69 30.15 - 7.90 17.41 22.80 20.33 10.70 5.61
1999 Dec 18.71 19.17 19.64 19.97 20.78 -54.32 26.16 1.32 159.87 -5.54 18.082000 Dec 15.75 15.71 15.92 15.84 - -2.29 1.77 10.48 18.46 13.69 4.92
2001 Jan 15.16 15.05 14.91 14.91 - 6.87 7.34 7.78 7.76 7.18 6.61
Feb 15.16 15.25 15.42 15.65 16.02 67.41 7.53 6.30 -31.21 7.18 8.58Mar 15.74 16.62 19.31 20.69 - 89.93 4.76 23.26 -39.06 11.32 -3.21
Apr 16.33 18.02 20.23 21.26 - 13.87 23.74 3.45 2.16 -4.63 16.22May 16.92 17.61 18.69 20.70 24.05 140.91 27.55 3.39 -51.47 -7.80 14.81
Jun 18.10 19.16 21.12 23.23 24.35 -25.30 22.37 2.84 58.10 -2.62 17.78Jul 19.00 20.99 24.31 25.70 - 84.07 55.53 3.73 -35.35 -22.21 19.84
Aug 19.30 19.58 20.87 22.70 24.37 70.04 30.67 - -29.84 -8.49 -Sep 19.30 20.03 21.84 23.20 - 83.31 20.58 - -34.92 -0.46 -
Oct 19.30 19.68 21.41 22.59 - 16.42 2.83 - 2.47 16.39 -Nov 19.30 19.38 20.13 20.89 22.36 -57.37 0.50 34.89 179.82 18.79 -10.94
Dec 19.16 19.10 19.25 19.05 - -66.22 18.71 - 252.75 0.33 -
2002 Jan 19.00 19.05 19.21 19.19 - 61.07 13.51 16.05 -26.12 4.88 2.73Feb 19.00 18.71 18.25 18.12 17.88 -34.23 26.37 - 80.93 -6.06 -Mar 18.70 18.40 18.34 18.22 - -12.71 18.68 - 35.98 -0.24 -Apr 18.10 18.35 18.51 18.76 - 20.65 18.71 - -2.11 -0.31 -May 17.80 18.19 18.17 18.14 18.33 117.98 14.37 14.65 -45.96 3.35 3.06Jun 18.40 18.62 19.62 21.62 - 352.48 -6.72 32.36 -73.83 27.16 -9.62Jul 17.80 19.79 24.27 25.21 - 622.42 - - -83.69 - -Aug 17.80 18.03 18.97 20.29 21.98 -76.71 - - 405.73 - -Sep 17.80 19.32 21.99 25.20 - 1960.65 -50.98 - -94.28 143.41 -Oct 20.81 21.99 24.27 26.01 - -51.35 -13.58 -19.61 148.33 41.16 54.59Nov 21.73 23.20 25.48 27.53 28.75 -1.03 -2.93 -16.84 23.00 26.91 50.89
Boletim do Banco Central do Brasil January 2003
99
III.9 - Futures market - BM&F One day Interbank Deposit (DI) futures contracts interest rate - daily average#####
Period One day DI Variance
% p.y. % p.y.
t t+1 t+2 t+3 t+4 (t+1)-t (t+2)-t (t+3)-t (t+4)-t
1998 Dec 30.13 29.67 28.60 28.14 29.02 -0.46 -1.54 -1.99 -1.11
1999 Dec 19.07 19.74 20.62 21.49 22.20 0.67 1.55 2.41 3.132000 Dec 16.05 16.32 16.60 16.83 - 0.26 0.55 0.78 -
2001 Jan 15.49 15.30 15.31 15.51 - -0.19 -0.19 0.02 -
Feb 15.13 15.17 15.21 15.37 15.67 0.04 0.08 0.24 0.54Mar 15.67 16.54 17.31 17.94 - 0.87 1.64 2.27 -
Apr 16.81 18.74 20.36 20.88 - 1.93 3.55 4.07 -May 17.04 18.58 20.01 21.89 23.43 1.54 2.98 4.85 6.39
Jun 17.76 18.62 19.99 21.54 22.53 0.87 2.23 3.78 4.77Jul 20.47 23.08 25.57 25.84 - 2.61 5.10 5.37 -
Aug 19.74 21.50 23.07 24.56 25.00 1.76 3.33 4.82 5.26Sep 19.51 20.75 22.52 24.25 - 1.23 3.01 4.73 -
Oct 19.63 21.20 22.92 24.12 - 1.58 3.30 4.49 -Nov 19.16 19.44 19.98 21.00 21.08 0.28 0.82 1.84 1.92
Dec 19.16 19.44 19.88 20.41 - 0.28 0.71 1.25 -
2002 Jan 18.98 18.97 19.02 19.22 - -0.01 0.04 0.24 -Feb 18.93 18.86 18.74 18.67 18.66 -0.07 -0.18 -0.26 -0.27Mar 18.58 18.31 18.15 17.93 - -0.27 -0.43 -0.65 -Apr 18.36 18.37 18.41 18.46 - 0.01 0.05 0.10 -May 18.28 18.37 18.52 18.61 18.77 0.09 0.23 0.32 0.48Jun 18.49 19.09 20.50 21.71 - 0.60 2.01 3.23 -Jul 18.39 19.41 21.36 23.31 - 1.03 2.97 4.92 -Aug 18.31 19.71 22.15 24.67 26.00 1.40 3.84 6.36 7.70Sep 18.02 19.08 21.66 23.92 - 1.07 3.65 5.90 -Oct 20.35 22.05 24.35 26.25 - 1.70 4.00 5.90 -Nov 21.85 23.42 25.53 27.23 28.19 1.57 3.68 5.37 6.34
Boletim do Banco Central do Brasil January 2003
100
III.10 - Capital market indicators
#
Period Stock exchanges Primary issue2/
R$ million
Index Accumulated in month (%) Total Stocks Corporate Commercial
amount bonds papers
Ibovespa Dow Jones Nasdaq Ibovespa Dow Jones Nasdaq Bovespa1/
R$ million
1998 Dec 6 784 9 275 2 193 -21.40 1.73 12.47 455 50 1 779 1 4411999 Dec 17 091 11 497 4 069 24.05 4.09 21.98 916 150 690 1 4002000 Dec 15 259 10 787 2 471 14.84 3.58 -4.90 656 278 1 729 1 083
2001 Jan 17 672 10 887 2 773 15.81 0.93 12.23 726 0 254 633Feb 15 891 10 495 2 152 -10.08 -3.60 -22.39 675 500 450 267Mar 14 438 9 879 1 840 -9.14 -5.87 -14.48 606 401 3 736 475Apr 14 917 10 735 2 116 3.32 8.67 15.00 784 0 320 742May 14 649 10 912 2 110 -1.80 1.65 -0.27 556 0 69 1 365Jun 14 559 10 502 2 161 -0.61 -3.75 2.37 629 9 941 97Jul 13 754 10 523 2 027 -5.53 0.19 -6.17 495 0 2 800 552Aug 12 840 9 950 1 805 -6.65 -5.45 -10.94 477 315 0 44Sep 10 635 8 848 1 499 -17.17 -11.08 -16.98 483 0 324 260Oct 11 364 9 075 1 690 6.85 2.57 12.77 536 0 370 295
Nov 12 931 9 852 1 931 13.79 8.56 14.22 683 0 642 460Dec 13 509 10 137 1 987 4.47 2.90 2.94 725 129 5 256 77
2002 Jan 12 721 9 920 1 934 -5.83 -2.14 -2.68 507 351 100 7
Feb 14 033 10 106 1 731 10.31 1.88 -10.47 632 0 1 790 44Mar 13 254 10 404 1 845 -5.55 2.95 6.58 640 0 0 0
Apr 13 085 10 060 1 678 -1.28 -3.31 -9.09 588 0 0 1 160May 12 861 9 925 1 616 -1.71 -1.34 -3.68 523 0 2 380 100
Jun 11 139 9 243 1 463 -13.39 -6.87 -9.44 586 0 450 106Jul 9 762 8 737 1 328 -12.36 -5.48 -9.22 487 0 0 2
Aug 10 382 8 664 1 315 6.35 -0.84 -1.01 633 597 750 0Sep 8 622 7 592 1 172 -16.95 -12.37 -10.86 485 96 1 245 400
Oct 10 167 8 397 1 330 17.92 10.60 13.45 544 0 775 2 010Nov 10 508 8 896 1 479 3.35 5.94 11.21 484 6 500 40
Source: Bacen and Securities and Exchange Commission (CVM)
1/ Daily average.2/ Flows in month.
Boletim do Banco Central do Brasil January 2003
101
III.11 - Market value Open capital companies - Bovespa
##
Period Value of companies listed in the Bovespa index Total value of companies listed in Bovespa
R$ billion Variation % US$ billion1/ Variation % R$ billion Variation % US$ billion1/ Variation % Number of
companies
1998 Dec 119.1 -18.55 98.6 -19.06 194.4 -11.56 160.8 -12.11 527
1999 Dec 277.0 17.62 154.8 26.41 408.9 17.21 228.5 25.97 4782000 Dec 299.7 11.63 153.3 11.87 441.0 7.94 225.5 8.17 459
2001 Jan 339.7 13.35 172.4 12.45 494.2 12.07 250.7 11.18 455
Feb 317.7 -6.49 155.3 -9.88 467.6 -5.40 228.6 -8.82 453
Mar 295.8 -6.89 136.8 -11.91 443.5 -5.15 205.2 -10.25 450
Apr 306.2 3.53 140.2 2.44 455.5 2.70 208.5 1.61 446
May 352.4 15.07 149.3 6.52 457.3 0.40 193.8 -7.06 445
Jun 305.9 -13.19 132.7 -11.12 448.2 -1.98 194.5 0.36 440
Jul 297.6 -2.70 122.4 -7.76 437.6 -2.37 180.0 -7.44 441
Aug 286.3 -3.81 112.2 -8.35 424.8 -2.93 166.5 -7.51 439
Sep 256.2 -10.51 95.9 -14.52 381.5 -10.19 142.8 -14.22 435
Oct 271.2 5.88 100.2 4.48 400.8 5.06 148.0 3.67 435
Nov 283.9 4.67 112.3 12.05 419.0 4.54 165.7 11.92 433
Dec 294.5 3.73 126.9 12.99 430.3 2.70 185.4 11.86 428
2002 Jan 282.6 -4.04 116.9 -7.88 420.1 -2.38 173.7 -6.28 424Feb 315.6 11.67 134.4 15.01 458.0 9.02 195.0 12.28 423
Mar 309.6 -1.89 133.2 -0.85 448.4 -2.10 193.0 -1.07 417
Apr 309.2 -0.13 130.9 -1.78 447.3 -0.24 189.3 -1.88 412
May 307.6 -0.52 122.0 -6.81 444.5 -0.61 176.3 -6.90 411
Jun 282.0 -8.31 99.2 -18.70 412.9 -7.11 145.2 -17.64 410
Jul 255.6 -9.37 74.6 -24.81 387.5 -6.17 113.0 -22.16 409
Aug 267.4 4.62 88.5 18.68 399.2 3.04 132.1 16.89 407
Sep 237.9 -11.05 61.1 -30.98 369.1 -7.55 94.8 -28.26 407
Oct 278.4 17.04 76.4 25.06 415.8 12.65 114.1 20.38 405
Nov 279.2 0.28 76.8 0.52 420.0 1.00 115.5 1.24 403
Source: São Paulo Stock Exchange (Bovespa)
1/ Exchange rate (selling price) end of period free market.
IV - Public finance
Boletim do Banco Central do Brasil January 2003January 2003
104
Explanatory note to the tables in Chapter IV of theBoletim do Banco Central do Brasil
As of March 2001, the Boletim do Banco Central do Brasil will no longer divulge the tables referringto the Public sector borrowing requirements without exchange devaluation.
However, two tables concerning harmonized fiscal data for Mercosul1 were added. The first onepresents data on the Harmonized public net debt, which contrasts from the traditional methodologyfor not considering the monetary base. The other table presents the Variation of the harmonized netfiscal debt or, in other words, the consolidated public sector borrowing requirements, with a conceptsimilar to the methodology without exchange devaluation.
1/ Further information may be found at https://gmm.mecon.gov.ar.
Boletim do Banco Central do Brasil January 2003
105
IV.1 - Central government primary result Above the line concept
Flows in R$ million
End- Revenues Expenditures
of-
period National Treasury Social Security Total National Treasury Social Security Total
(a) (b) c = (a+b) (d) (e) f = (d+e)
1997 115 990 44 260 160 250 110 746 47 051 157 797
1998 138 251 46 283 184 534 123 626 53 375 177 001
1999 161 838 49 068 210 906 131 365 58 541 189 906
2000 180 801 55 717 236 518 149 118 65 786 214 904
2001 209 403 62 491 271 894 173 834 75 329 249 163
Jan 18 052 4 620 22 672 14 840 5 260 20 100
Feb 13 671 4 780 18 451 12 520 5 301 17 821
Mar 16 974 4 647 21 621 12 546 5 448 17 994
Apr 19 863 4 782 24 645 12 521 5 465 17 986
May 18 466 4 918 23 384 14 049 5 798 19 847
Jun 15 867 5 042 20 909 13 473 5 836 19 309
Jul 16 965 4 984 21 949 14 604 6 121 20 725
Aug 17 497 5 052 22 549 14 026 6 093 20 119
Sep 16 260 4 912 21 172 13 523 6 019 19 542
Oct 18 414 5 072 23 486 15 024 6 027 21 051
Nov 17 149 5 086 22 235 14 712 6 677 21 389
Dec 20 225 8 596 28 821 21 996 11 284 33 280
2002
Jan 24 107 5 131 29 238 17 029 6 158 23 187
Feb 18 806 5 184 23 990 15 155 6 255 21 410
Mar 18 233 5 180 23 413 15 040 6 317 21 357
Apr 21 443 5 371 26 814 14 623 6 414 21 037
May 19 374 5 537 24 911 16 447 6 608 23 055
Jun 17 044 5 289 22 333 13 766 6 734 20 500
Jul 21 363 5 777 27 140 18 083 7 091 25 174
Aug 18 327 5 806 24 133 15 628 7 117 22 745
Sep 23 268 5 756 29 024 14 844 7 167 22 011
Oct 23 876 6 091 29 967 18 917 7 230 26 147
Nov 21 146 5 832 26 978 18 090 7 865 25 955
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
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IV.1 - Central government primary result Above the line concept
(concluded) Flows in R$ million
End- Federal government result Banco Central result Central government result1/
of-
period National Treasury Social Security Total
g = (a-d) h = (b-e) i = (g+h) (j) k = (i+j)
1997 5 244 - 2 791 2 453 - 695 1 758
1998 14 625 - 7 092 7 533 - 152 7 381
1999 30 473 - 9 473 21 000 - 742 20 258
2000 31 683 - 10 069 21 614 - 477 21 137
2001 35 569 - 12 838 22 731 - 690 22 041
Jan 3 212 - 640 2 572 - 30 2 542
Feb 1 151 - 521 630 - 73 557
Mar 4 428 - 801 3 627 - 43 3 584
Apr 7 342 - 683 6 659 - 76 6 583
May 4 417 - 880 3 537 - 57 3 480
Jun 2 394 - 794 1 600 - 35 1 565
Jul 2 361 - 1 137 1 224 - 46 1 178
Aug 3 471 - 1 041 2 430 - 51 2 379
Sep 2 737 - 1 107 1 630 - 83 1 547
Oct 3 390 - 955 2 435 - 55 2 380
Nov 2 437 - 1 591 846 - 61 785
Dec - 1 771 - 2 688 - 4 459 - 80 - 4 539
2002
Jan 7 078 - 1 027 6 051 - 23 6 028
Feb 3 651 - 1 071 2 580 - 53 2 527
Mar 3 193 - 1 137 2 056 - 58 1 998
Apr 6 820 - 1 043 5 777 - 57 5 720
May 2 927 - 1 071 1 856 - 44 1 812
Jun 3 278 - 1 445 1 833 - 71 1 762
Jul 3 280 - 1 314 1 966 - 60 1 906
Aug 2 699 - 1 311 1 388 - 78 1 310
Sep 8 424 - 1 411 7 013 - 87 6 926
Oct 4 959 - 1 139 3 820 - 58 3 762
Nov 3 056 - 2 033 1 023 - 119 904
Source: STN
1/ (+) = surplus; (-) = deficit.
Boletim do Banco Central do Brasil January 2003
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IV.2 - National Treasury performance summary Cash basis
Flows in R$ million1/
End- Revenues2/
Expenditures Cash Federal Remuneration of Result of Federal security Renegotiation of Domestic and Resources
of- balance security available funds the Banco charges - Banco foreign debt and external availableperiod operations in the Banco Central Central portfolio acquirement contracted
Central of warranties debt
amortization
1996 97 132 106 257 - 9 125 20 846 3 386 - - 1 671 - 6 504 - 5 321 1 611
1997 116 034 121 680 - 5 646 29 209 3 843 - - 3 146 - 161 - 9 947 14 152
1998 139 086 148 333 - 9 247 31 240 9 821 - - 4 269 - 578 - 8 260 18 707
1999 158 781 163 709 - 4 928 39 794 17 388 - - 9 326 - 798 - 12 665 29 465
2000 239 403 252 634 - 13 231 32 796 12 303 - - 4 313 0 - 15 472 12 083
2001 272 112 283 755 - 11 643 57 353 15 966 1 138 - 6 225 0 - 18 325 38 264
Jan 19 256 23 315 - 4 059 - 315 977 0 - 787 0 - 1 644 - 5 828
Feb 21 657 19 942 1 715 2 591 1 209 0 - 256 0 - 643 4 616
Mar 19 627 17 750 1 877 8 951 1 120 0 - 229 0 - 1 075 10 644
Apr 22 349 23 464 - 1 115 1 932 1 480 1 138 - 264 0 - 1 288 1 883
May 23 342 23 967 - 625 26 519 1 536 0 - 500 0 - 381 26 549
Jun 21 405 25 053 - 3 648 2 036 2 469 0 - 281 0 - 1 716 - 1 140
Jul 21 565 26 428 - 4 863 - 8 844 1 840 0 - 470 0 - 2 531 - 14 868
Aug 23 879 21 770 2 109 - 2 136 2 091 0 - 805 0 - 785 474
Sep 21 716 21 201 515 8 982 3 223 0 - 258 0 284 12 746
Oct 22 715 24 622 - 1 907 12 237 902 0 - 818 0 - 4 974 5 440
Nov 24 046 22 603 1 443 3 112 1 0 - 617 0 - 1 761 2 178
Dec 30 555 33 640 - 3 085 2 288 - 882 0 - 940 0 - 1 811 - 4 430
2002
Jan 22 989 25 671 - 2 682 2 208 1 300 0 - 1 506 0 - 172 - 852
Feb 27 752 25 816 1 936 1 981 1 248 0 - 802 0 - 206 4 157
Mar 24 647 23 202 1 445 1 516 448 0 - 101 0 - 311 2 997
Apr 26 414 26 268 146 306 1 357 0 - 1 233 0 - 755 - 179
May 31 036 24 157 6 879 9 566 3 858 0 - 431 0 - 1 258 18 614
Jun 29 322 26 688 2 634 - 6 619 7 043 0 - 1 112 0 - 1 877 69
Jul 27 995 25 321 2 674 19 960 3 068 0 - 1 736 0 - 2 680 21 286
Aug 35 339 28 930 6 409 - 759 5 671 0 - 572 0 - 1 074 9 675
Sep 33 925 26 458 7 467 - 11 521 7 159 0 - 1 260 0 - 583 1 262
Oct 38 880 33 958 4 922 - 16 829 5 243 0 - 674 0 - 3 850 - 11 188
Nov 30 048 31 126 - 1 078 1 453 - 2 266 0 - 1 230 0 - 1 019 - 4 140
Source: STN
1/ Values prior to July 1994 were converted by the URV dated 6.30.1994.2/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.
Boletim do Banco Central do Brasil January 2003January 2003
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IV.3 - National Treasury revenues1/
Cash basis
Flows in R$ millionEnd- Fiscal revenue Revenues of government Social Security Total revenues
of- credit operations and earnings net inflow
period on available resources in the BB
1996 91 878 5 254 ...'''' 97 132
1997 108 731 7 303 ...'''' 116 034
1998 130 681 8 405 ...'''' 139 086
1999 147 366 11 415 ...'''' 158 781
2000 172 658 11 297 55 448 239 403
2001 192 796 13 322 65 994 272 112
Jan 13 193 1 160 4 903 19 256
Feb 15 843 779 5 035 21 657
Mar 13 708 1 024 4 895 19 627
Apr 15 948 1 391 5 010 22 349
May 17 216 937 5 189 23 342
Jun 15 084 973 5 348 21 405
Jul 15 272 1 022 5 271 21 565
Aug 17 134 1 392 5 353 23 879
Sep 15 487 933 5 296 21 716
Oct 15 806 1 590 5 319 22 715
Nov 17 699 981 5 366 24 046
Dec 20 406 1 140 9 009 30 555
2002
Jan 15 648 2 007 5 334 22 989
Feb 19 785 2 777 5 190 27 752
Mar 17 333 1 750 5 564 24 647
Apr 18 113 2 605 5 696 26 414
May 20 633 4 558 5 845 31 036
Jun 15 890 7 725 5 707 29 322
Jul 18 102 3 669 6 224 27 995
Aug 20 264 8 908 6 167 35 339
Sep 19 828 7 658 6 439 33 925
Oct 24 673 7 190 7 017 38 880
Nov 22 297 1 199 6 552 30 048
Source: STN
1/ As of January 2000, the Social Security net inflow and mandatory corporate contribution for education were also included.
Boletim do Banco Central do Brasil January 2003
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IV.4 - National Treasury expenditures1/
Cash basis
Flows in R$ millionEnd- Payroll and Transfers to Other Federal Government Charges on Current expen- Social Total
of- social levies states and earmarkings security credit contracted debt ditures, invest- Security expenditures
period municipalities charges2/ operations - domestic and ment amount benefits
external to be paid
1996 40 505 20 830 6 357 10 809 2 288 5 183 20 285 ...'''' 106 257
1997 42 848 25 042 7 151 10 169 2 522 7 806 26 142 ...'''' 121 680
1998 47 296 29 166 9 302 18 475 2 394 9 231 32 469 ...'''' 148 333
1999 50 169 33 432 6 630 24 618 2 414 11 321 35 125 ...'''' 163 709
2000 57 177 39 357 8 233 25 042 2 965 13 542 39 502 66 816 252 634
2001 63 347 45 495 9 253 21 518 4 453 16 893 47 372 75 424 283 755
Jan 5 703 4 323 1 045 2 975 349 641 2 587 5 692 23 315
Feb 4 742 3 795 768 1 668 347 1 044 2 429 5 149 19 942
Mar 4 845 3 181 699 - 229 377 438 3 310 5 129 17 750
Apr 4 872 3 667 737 1 286 197 3 645 3 307 5 753 23 464
May 5 180 4 210 741 3 305 394 367 3 754 6 016 23 967
Jun 6 518 3 622 823 3 796 202 815 3 509 5 768 25 053
Jul 4 720 3 341 796 3 862 218 3 911 3 518 6 062 26 428
Aug 4 781 3 704 780 1 072 632 933 3 870 5 998 21 770
Sep 4 677 3 717 742 161 237 778 4 438 6 451 21 201
Oct 4 145 3 642 726 1 014 311 4 122 4 280 6 382 24 622
Nov 5 256 3 962 61 866 263 922 4 861 6 412 22 603
Dec 7 908 4 331 1 335 1 742 926 - 723 7 509 10 612 33 640
2002
Jan 7 080 4 669 1 200 2 104 168 1 627 2 446 6 377 25 671
Feb 5 289 5 507 651 2 644 269 1 236 3 725 6 495 25 816
Mar 5 391 4 219 628 1 752 273 682 4 280 5 977 23 202
Apr 5 217 4 383 655 3 043 189 2 676 3 555 6 550 26 268
May 5 258 5 258 680 1 195 228 759 3 924 6 855 24 157
Jun 7 458 3 744 754 2 467 143 940 4 569 6 613 26 688
Jul 5 352 4 024 875 1 638 325 1 804 4 438 6 865 25 321
Aug 5 505 4 215 1 325 1 507 294 1 318 6 052 8 714 28 930
Sep 5 291 4 298 916 3 102 135 1 162 5 366 6 188 26 458
Oct 5 554 5 395 221 2 623 738 6 206 6 336 6 885 33 958
Nov 8 344 5 284 978 2 766 249 520 5 016 7 969 31 126
Source: STN
1/ As of January 2000, Social Security benefits were also included.
2/ Excludes charges on Banco Central's portfolio.
Boletim do Banco Central do Brasil January 2003January 2003
110
IV.5 - Social SecurityCash basis
R$ millionEnd- Revenues Expenditures Operating Social
of- balance Security
period Inflow1/ Other National Federal Total Benefits Other Transfer Total balance
5/
reve- Treasury govern- expen- to third
nues2/ revenue ment Social Other ditures
3/parties
4/
antici- transfer Security
pation
(a) (b) (c) (d) e=(a+b+c+d) (f) (g) (h) (i) j=(f+g+h+i) k=(e-j)
1996 43 698 3 964 - 3 043 50 705 41 389 ... 7 280 3 309 51 978 - 1 273 - 1 000
1997 47 970 6 392 - 4 225 58 587 47 249 ... 3 654 3 821 54 724 3 862 - 3 101
1998 50 141 2 207 0 10 041 62 389 53 742 1 908 5 442 3 501 64 593 - 2 204 - 7 102
1999 52 423 323 123 15 545 68 414 58 541 2 294 4 093 3 298 68 226 188 - 9 412
2000 59 605 533 1 760 15 283 77 181 65 785 2 721 4 072 3 889 76 467 714 - 10 069
2001 66 996 635 - 3 20 543 88 171 75 330 3 368 4 830 4 506 88 034 137 - 12 840
Jan 5 233 13 - 474 2 112 6 884 5 260 244 442 614 6 560 324 - 641
Feb 5 103 16 - 598 1 533 6 054 5 302 260 349 323 6 234 - 180 - 522
Mar 5 000 17 - 528 1 528 6 017 5 448 247 324 353 6 372 - 355 - 801
Apr 5 152 13 12 2 383 7 560 5 465 247 307 370 6 389 1 171 - 683
May 5 249 17 116 730 6 112 5 798 284 304 331 6 717 - 605 - 880
Jun 5 387 12 - 154 1 651 6 896 5 836 287 424 345 6 892 4 - 794
Jul 5 356 15 113 1 570 7 054 6 121 287 418 372 7 198 - 144 - 1 137
Aug 5 428 29 - 75 1 593 6 975 6 093 289 324 375 7 081 - 106 - 1 040
Sep 5 257 16 511 1 596 7 380 6 019 292 305 346 6 962 418 - 1 108
Oct 5 422 16 - 264 2 196 7 370 6 027 301 314 350 6 992 378 - 955
Nov 5 443 22 654 1 344 7 463 6 677 291 340 357 7 665 - 202 - 1 591
Dec 8 966 449 684 2 307 12 406 11 284 339 979 370 12 972 - 566 - 2 688
2002
Jan 5 764 27 1 360 584 7 735 6 158 332 408 633 7 531 204 - 1 027
Feb 5 523 15 - 739 2 619 7 418 6 255 301 330 339 7 225 193 - 1 071
Mar 5 536 14 - 478 1 932 7 004 6 317 344 355 354 7 370 - 366 - 1 135
Apr 5 741 16 12 1 822 7 591 6 414 312 343 370 7 439 152 - 1 043
May 5 914 13 316 1 678 7 921 6 609 344 350 377 7 680 241 - 1 072
Jun 5 680 17 534 1 598 7 829 6 734 343 370 391 7 838 - 9 - 1 445
Jul 6 169 22 1 099 671 7 961 7 092 345 466 392 8 295 - 334 - 1 315
Aug 6 213 52 101 3 583 9 949 7 117 347 385 407 8 256 1 693 - 1 311
Sep 6 171 22 - 630 1 721 7 284 7 167 351 362 415 8 295 - 1 011 - 1 411
Oct 6 533 24 - 291 1 743 8 009 7 230 356 419 442 8 447 - 438 - 1 139
Source: Ministério da Previdência e Assistência Social
1/ Includes: banking inflow, Simples, judicial deposits and inflow reimbursements.2/ Includes financial earnings and other own payments.3/ Includes personnel and current expenditures.
4/ Includes transfers to Sesi, Senac, Senai, etc.
5/ Includes banking inflow + Simples + judicial deposits - transfers to third parties reimbursements - social security benefits.
Boletim do Banco Central do Brasil January 2003
111
IV.6 - Circulation of Goods and Services Tax (ICMS)
Flows in R$ thousand1/
End- North regionof-
period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total
1996 44 641 1 186 807 745 992 234 192 43 640 52 130 138 757 2 446 159
1997 51 288 1 234 842 770 221 357 767 53 342 54 867 156 182 2 678 509
1998 77 233 1 034 703 875 349 302 805 69 067 65 091 181 855 2 606 103
1999 78 306 1 102 680 902 985 359 089 68 342 68 837 213 911 2 794 150
2000 110 475 1 404 444 1 183 937 516 689 101 909 107 821 277 917 3 703 191
2001 132 836 1 655 936 1 480 002 557 721 118 784 118 400 343 415 4 407 094
Jan 9 989 128 997 117 458 50 730 10 425 9 060 25 771 352 430
Feb 12 060 125 657 100 734 43 227 9 641 8 537 25 176 325 032
Mar 9 869 108 933 106 169 39 394 8 894 8 885 24 056 306 200
Apr 11 045 145 776 124 847 41 253 11 148 9 956 25 399 369 424
May 10 956 144 998 114 305 44 281 11 627 9 370 27 242 362 779
Jun 12 108 137 109 128 697 47 328 10 730 10 025 28 247 374 244
Jul 12 108 144 391 118 812 43 739 9 384 9 649 28 634 366 717
Aug 10 730 150 069 142 223 51 231 10 499 10 256 32 685 407 693
Sep 10 730 142 175 156 631 48 487 7 448 10 836 32 151 408 458
Oct 10 730 140 313 126 623 50 809 10 011 11 058 32 656 382 200
Nov 10 730 146 439 133 241 51 413 9 352 10 300 32 052 393 527
Dec 11 781 141 079 110 262 45 829 9 625 10 468 29 346 358 390
2002
Jan 11 910 157 517 152 058 41 740 9 532 14 288 32 620 419 665
Feb 11 106 147 461 129 641 40 858 9 083 10 978 32 865 381 992
Mar 11 433 129 151 125 302 39 857 8 964 8 265 26 619 349 591
Apr 12 025 152 769 127 891 44 892 11 256 10 698 32 558 392 089
May 15 023 146 282 125 952 46 278 10 759 10 184 32 415 386 893
Jun 12 478 152 718 134 572 50 597 9 407 10 786 34 697 405 255
Jul 11 008 151 052 139 610 55 785 10 745 10 398 34 875 413 473
Aug* 15 348 151 052 153 341 56 701 9 717 11 945 36 095 434 199
Sep* 11 199 194 313 155 898 59 606 11 202 11 201 38 059 481 478
Oct* 15 037 182 225 147 016 59 606 10 942 14 349 37 789 466 964
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
112
IV.6 - Circulation of Goods and Services Tax (ICMS)
(continued) Flows in R$ thousand1/
End- Northeast regionof-
period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total
do Norte
1996 437 471 281 319 1 183 795 378 849 448 563 1 465 778 352 226 307 435 2 529 957 7 385 393
1997 396 985 305 527 1 254 253 458 903 491 206 1 616 235 368 070 366 729 2 572 078 7 829 986
1998 430 756 320 621 1 361 763 510 153 548 126 1 719 572 422 651 358 570 2 701 392 8 373 604
1999 458 868 340 412 1 541 324 614 280 605 357 1 793 663 416 803 396 497 3 023 236 9 190 440
2000 631 455 429 989 1 867 770 791 539 735 897 2 143 971 539 445 489 795 3 763 961 11 393 822
2001 805 428 467 930 2 121 415 911 350 910 423 2 394 617 592 673 578 004 4 242 537 13 024 377
Jan 73 978 43 021 178 404 74 668 86 614 205 642 56 585 46 896 342 473 1 108 281
Feb 57 396 34 646 172 010 72 120 70 394 193 976 51 240 46 510 342 203 1 040 495
Mar 57 603 34 061 160 249 68 892 73 216 185 467 48 111 45 419 321 598 994 616
Apr 62 930 40 785 170 027 70 215 71 831 199 163 45 500 47 105 362 737 1 070 293
May 61 354 40 881 179 406 74 232 73 350 200 207 52 078 46 995 336 890 1 065 393
Jun 73 268 39 350 179 935 78 715 76 843 200 686 45 373 48 539 363 984 1 106 693
Jul 63 123 39 488 177 070 74 258 74 870 193 888 46 522 47 788 379 148 1 096 155
Aug 76 851 39 488 189 290 73 581 75 464 192 951 50 020 47 622 335 031 1 080 298
Sep 63 357 42 021 160 821 79 432 72 116 191 753 44 137 58 702 352 026 1 064 365
Oct 80 105 39 242 182 240 74 933 73 814 199 520 48 909 45 509 372 700 1 116 972
Nov 65 168 39 238 172 824 79 088 76 881 214 929 53 109 46 894 361 266 1 109 397
Dec 70 295 35 709 199 139 91 216 85 030 216 435 51 089 50 025 372 481 1 171 419
2002
Jan 79 406 49 131 189 934 82 436 79 167 261 961 59 833 58 091 389 608 1 249 567
Feb 69 805 42 897 178 162 80 966 86 273 214 075 54 010 53 705 390 107 1 170 000
Mar 62 246 42 424 157 340 71 414 70 913 229 544 48 547 46 869 343 485 1 072 782
Apr 71 219 40 929 181 924 81 161 76 667 212 138 48 727 54 343 384 745 1 151 853
May 69 156 40 661 192 369 77 636 60 183 250 666 55 542 54 354 411 078 1 211 645
Jun 67 745 42 004 186 476 82 375 70 900 223 379 53 757 54 096 390 964 1 171 696
Jul 65 548 43 689 189 901 77 965 67 384 239 249 53 757 49 184 390 076 1 176 753
Aug* 90 199 46 683 210 532 86 000 77 656 235 332 53 757 49 184 447 044 1 296 387
Sep* 90 199 46 546 219 906 88 502 93 001 240 258 53 757 49 184 474 851 1 356 204
Oct* 90 199 51 987 222 586 95 783 76 260 245 937 53 757 49 184 474 851 1 360 544
(continues)
Boletim do Banco Central do Brasil January 2003
113
IV.6 - Circulation of Goods and Services Tax (ICMS)
(continued) Flows in R$ thousand1/
End- Southeast region South regionof-
period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total
Catarina do Sul
1996 5 429 860 1 381 742 5 215 680 21 430 364 33 457 646 2 811 606 1 915 829 4 015 924 8 743 359
1997 5 641 644 1 635 427 5 239 173 23 519 063 36 035 307 2 839 026 2 033 430 4 006 564 8 879 020
1998 5 578 565 1 496 776 6 360 804 23 319 364 36 755 509 2 929 402 2 016 151 4 232 062 9 177 615
1999 6 471 129 1 605 703 7 229 981 25 244 406 40 551 219 3 454 255 2 275 124 4 659 503 10 388 882
2000 7 562 363 2 004 531 8 169 916 30 618 863 48 355 673 4 355 485 2 756 601 5 643 999 12 756 086
2001 9 223 821 2 490 518 9 368 880 33 693 292 54 776 511 5 002 579 3 290 356 6 706 354 14 999 289
Jan 692 802 255 968 813 430 2 752 051 4 514 251 281 858 296 769 592 415 1 171 042
Feb 676 833 192 013 770 920 2 246 979 3 886 745 367 098 246 415 515 388 1 128 901
Mar 694 217 264 660 778 415 2 919 511 4 656 803 363 666 259 082 471 675 1 094 423
Apr 735 875 164 442 818 207 2 790 139 4 508 663 415 732 284 113 573 031 1 272 876
May 738 047 167 610 807 808 2 895 853 4 609 318 400 771 270 197 538 544 1 209 512
Jun 744 139 253 532 827 367 2 899 082 4 724 120 397 297 277 071 524 049 1 198 417
Jul 755 697 195 181 781 522 2 926 065 4 658 465 407 913 275 305 566 246 1 249 464
Aug 772 332 198 374 752 809 2 820 179 4 543 694 389 274 259 244 530 290 1 178 808
Sep 757 086 200 328 771 803 2 798 641 4 527 858 522 191 269 352 585 460 1 377 003
Oct 752 069 186 353 747 416 2 956 981 4 642 819 440 110 280 926 566 770 1 287 806
Nov 822 556 210 728 775 686 2 825 169 4 634 139 430 492 288 681 560 548 1 279 721
Dec 1 082 168 201 329 723 497 2 862 642 4 869 636 586 177 283 201 681 938 1 551 316
2002
Jan 708 941 175 360 888 825 2 987 283 4 760 409 300 112 330 183 531 160 1 161 455
Feb 718 249 172 458 809 817 2 604 726 4 305 250 442 519 289 135 589 747 1 321 401
Mar 685 367 221 746 765 959 2 637 563 4 310 635 433 678 277 328 497 542 1 208 548
Apr 753 130 181 090 795 751 3 002 130 4 732 101 481 473 329 108 617 182 1 427 763
May 783 956 184 096 947 156 2 883 650 4 798 858 484 330 320 531 569 850 1 374 711
Jun 833 005 181 448 833 503 2 968 551 4 816 507 476 004 300 256 590 008 1 366 268
Jul 702 691 189 471 880 960 3 039 966 4 813 088 493 423 309 207 602 931 1 405 561
Aug* 837 368 215 276 1 012 039 3 007 996 5 072 679 505 415 329 437 611 249 1 446 101
Sep* 834 649 213 338 865 358 3 236 245 5 149 590 535 055 321 184 637 484 1 493 723
Oct* 843 614 184 653 812 577 3 971 389 5 812 233 536 932 325 116 624 671 1 486 719
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
114
IV.6 - Circulation of Goods and Services Tax (ICMS)
(concluded) Flows in R$ thousand1/
End- Central-west region Total - Brazilof-
period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total
1996 801 024 1 437 525 798 875 610 832 3 648 256 55 680 843
1997 905 504 1 587 604 957 700 673 718 4 124 526 59 573 866
1998 979 625 1 558 743 816 110 652 895 4 007 373 60 930 304
1999 1 121 094 1 830 593 1 113 259 883 951 4 948 897 67 874 156
2000 1 414 069 2 178 832 1 415 797 1 037 156 6 045 853 82 269 693
2001 1 598 339 2 615 094 1 543 252 1 243 930 7 000 615 94 156 996
Jan 139 125 206 288 118 234 93 117 556 764 7 702 768
Feb 119 564 201 163 118 234 90 118 529 079 6 910 254
Mar 120 692 195 145 107 439 96 472 519 748 7 571 189
Apr 131 264 205 092 114 674 101 135 552 165 7 771 804
May 132 092 208 648 115 637 104 700 561 077 7 808 168
Jun 133 505 216 881 131 360 104 912 586 658 7 990 132
Jul 134 460 214 908 143 429 106 370 599 167 7 969 968
Aug 132 180 230 228 134 232 106 696 603 336 7 800 101
Sep 133 490 224 935 139 919 106 704 605 048 7 969 387
Oct 128 682 219 974 143 478 109 956 602 090 8 016 016
Nov 135 737 228 623 143 088 111 150 618 598 8 030 614
Dec 157 548 263 209 133 528 112 600 666 885 8 616 595
2002
Jan 157 313 224 869 137 086 112 339 631 607 8 222 703
Feb 132 074 222 125 135 960 104 663 594 822 7 773 465
Mar 125 692 202 605 129 678 104 322 562 297 7 503 853
Apr 135 190 247 518 141 329 104 335 628 372 8 332 178
May 143 923 261 275 147 276 106 489 658 963 8 431 070
Jun 148 256 235 922 140 640 107 251 632 069 8 391 795
Jul 147 537 262 168 155 724 108 752 674 181 8 483 056
Aug* 147 851 259 638 169 076 109 643 686 208 8 935 574
Sep* 165 907 259 601 181 426 110 520 717 454 9 198 449
Oct* 160 074 254 319 177 426 114 879 706 698 9 833 158
Source: MF/Cotepe
1/ Values prior to July 1994 were converted by the URV dated 6.30.1994.
Boletim do Banco Central do Brasil January 2003
115
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
Flows in R$ thousandEnd- North region
of-
period Acre Amazonas Pará Rondônia Roraima Amapá Tocantins Total
1996 347 466 369 602 933 852 324 112 242 367 335 748 521 042 3 074 188
1997 390 846 416 302 1 231 042 365 131 272 185 375 065 585 542 3 636 114
1998 443 232 505 892 1 489 393 412 923 305 913 435 209 664 376 4 256 938
1999 486 336 574 451 1 632 821 458 523 336 627 475 421 737 545 4 701 724
2000 576 642 661 023 1 776 434 548 665 428 569 559 640 855 107 5 406 080
2001 677 789 787 902 2 005 565 647 403 496 306 657 762 1 005 421 6 278 148
Jan 66 527 75 921 185 135 63 313 48 148 64 370 98 697 602 111
Feb 54 339 63 020 160 709 52 085 39 281 52 696 80 374 502 504
Mar 47 646 55 854 149 935 45 623 34 427 46 330 70 491 450 306
Apr 55 916 65 085 165 639 53 642 40 390 54 210 82 801 517 683
May 62 764 72 214 182 850 59 794 45 393 60 800 93 175 576 990
Jun 54 494 64 219 157 560 52 035 39 403 52 973 80 801 501 485
Jul 49 649 58 289 161 229 47 425 35 905 48 315 73 606 474 418
Aug 52 213 61 053 158 987 49 879 37 754 50 799 77 440 488 125
Sep 56 400 65 718 162 600 53 784 41 944 54 770 83 654 518 870
Oct 53 963 63 272 157 185 51 752 40 139 52 468 80 505 499 284
Nov 56 018 65 321 165 698 53 402 41 662 54 369 83 055 519 525
Dec 67 860 77 936 198 038 64 669 51 860 65 662 100 822 626 847
2002
Jan 73 593 85 726 204 191 70 091 54 795 71 326 109 151 668 873
Feb 85 891 98 718 242 327 81 540 63 944 82 953 127 375 782 748
Mar 65 806 76 838 187 444 62 640 48 972 63 824 97 537 603 061
Apr 68 717 80 882 196 286 65 404 51 151 66 621 101 870 630 931
May 78 712 91 233 220 555 74 803 58 596 76 112 116 730 716 741
Jun 55 711 66 426 164 425 53 324 41 408 54 136 83 048 518 478
Jul 60 663 71 847 183 926 57 790 45 137 58 875 89 926 568 164
Aug 57 460 68 551 167 864 54 852 42 753 55 918 85 174 532 572
Sep 63 409 74 888 182 534 60 380 47 179 61 482 94 006 583 878
Oct 83 499 96 556 233 397 79 537 62 174 80 653 124 359 760 175
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
116
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
(continued) Flows in R$ thousandEnd- Northeast region
of-
period Maranhão Piauí Ceará Rio Grande Paraíba Pernambuco Alagoas Sergipe Bahia Total
do Norte
1996 1 029 739 609 623 1 133 808 592 832 721 836 1 094 971 584 821 491 138 1 736 703 7 995 471
1997 1 174 412 688 072 1 276 230 667 028 812 823 1 231 036 650 938 556 001 2 121 471 9 178 011
1998 1 492 721 806 399 1 544 743 761 014 929 876 1 442 019 758 726 626 429 2 484 230 10 846 157
1999 1 710 024 904 819 1 739 014 844 797 1 039 256 1 587 200 842 149 694 292 2 854 336 12 215 887
2000 1 907 818 1 035 443 1 915 161 984 945 1 190 380 1 820 528 989 902 821 320 3 138 735 13 804 232
2001 2 191 690 1 202 356 2 233 307 1 160 231 1 392 471 2 122 741 1 153 315 966 278 3 638 125 16 060 514
Jan 196 842 115 730 215 414 113 692 136 560 206 847 112 785 94 727 332 410 1 525 007
Feb 171 775 97 005 179 199 92 880 111 458 169 441 92 849 77 324 287 244 1 279 175
Mar 162 710 87 703 160 102 81 588 97 841 149 282 82 192 67 892 268 375 1 157 685
Apr 176 882 99 820 185 762 95 626 114 783 175 217 95 568 79 665 295 710 1 319 033
May 196 626 111 598 207 113 107 362 128 924 196 352 106 987 89 468 328 361 1 472 791
Jun 163 268 94 933 179 133 93 464 112 076 171 259 92 707 77 745 277 512 1 262 097
Jul 177 842 91 063 166 752 85 085 102 052 156 128 83 322 70 835 299 707 1 232 786
Aug 170 757 93 275 173 210 89 466 107 328 164 033 88 895 74 487 288 506 1 249 957
Sep 179 011 98 824 184 750 96 576 115 918 176 852 95 872 80 444 296 379 1 324 626
Oct 172 411 94 939 177 160 92 510 111 009 169 563 91 928 77 061 286 451 1 273 032
Nov 189 291 98 137 183 519 95 934 115 131 175 679 95 227 79 902 304 495 1 337 315
Dec 234 275 119 329 221 193 116 048 139 391 212 088 114 983 96 728 372 975 1 627 010
2002
Jan 217 362 126 994 239 233 125 792 151 098 229 339 123 918 104 802 368 091 1 686 629
Feb 269 856 153 534 278 019 146 623 176 220 266 748 145 329 122 244 446 025 2 004 598
Mar 203 434 116 127 214 240 112 543 135 131 205 393 111 784 93 757 339 823 1 532 232
Apr 212 135 121 213 223 851 117 576 141 162 214 497 116 659 97 905 355 630 1 600 628
May 240 638 138 465 255 365 134 473 161 558 244 879 133 262 112 065 402 161 1 822 866
Jun 174 911 98 815 182 150 95 282 114 298 174 497 94 952 79 304 294 584 1 308 793
Jul 206 370 110 515 198 169 103 895 124 663 189 855 103 257 86 501 337 287 1 460 512
Aug 179 810 101 748 188 077 98 476 118 124 180 093 97 932 81 955 301 674 1 347 889
Sep 196 793 111 997 206 898 108 542 130 278 198 204 107 816 90 364 330 181 1 481 073
Oct 254 886 147 107 270 763 142 675 171 450 259 685 141 331 118 939 427 043 1 933 879
(continues)
Boletim do Banco Central do Brasil January 2003
117
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
(continued) Flows in R$ thousandEnd- Southeast region South region
of-
period Minas Gerais Espírito Santo Rio de Janeiro São Paulo Total Paraná Santa Rio Grande Total
Catarina do Sul
1996 1 810 340 373 227 525 809 1 616 890 4 326 266 1 006 392 617 899 1 103 569 2 727 860
1997 2 137 118 445 075 1 109 193 1 956 750 5 648 136 1 388 689 737 625 1 257 139 3 383 453
1998 2 664 368 535 180 810 342 2 080 576 6 090 466 1 695 508 885 661 1 824 104 4 405 273
1999 3 145 610 692 888 814 016 3 751 486 8 404 000 1 893 100 977 706 1 852 057 4 722 863
2000 3 392 035 723 779 1 000 353 3 720 564 8 836 731 2 008 980 1 080 368 2 058 542 5 147 890
2001 3 813 190 819 692 1 101 646 4 018 070 9 752 598 2 232 813 1 225 131 2 281 181 5 739 125
Jan 361 953 76 266 103 456 371 547 913 222 210 890 115 141 213 174 539 205
Feb 305 184 65 704 88 690 323 545 783 123 179 036 98 055 182 571 459 662
Mar 274 094 59 787 80 444 297 312 711 637 161 722 88 379 165 533 415 634
Apr 315 085 67 955 91 294 332 003 806 337 184 423 101 518 188 623 474 564
May 347 068 73 771 99 469 358 232 878 540 201 996 111 030 205 432 518 458
Jun 313 496 68 221 91 161 333 013 805 891 183 849 102 576 190 737 477 162
Jul 285 742 62 219 83 566 307 699 739 226 167 987 92 455 172 855 433 297
Aug 297 980 64 654 86 734 317 806 767 174 174 752 96 357 179 495 450 604
Sep 316 287 67 933 91 386 332 522 808 128 184 798 101 490 188 655 474 943
Oct 311 410 67 697 89 282 334 516 802 905 184 256 99 582 188 098 471 936
Nov 314 366 67 591 90 917 330 886 803 760 183 661 100 926 187 492 472 079
Dec 370 525 77 894 105 247 378 989 932 655 215 443 117 622 218 516 551 581
2002
Jan 396 107 83 031 114 668 409 177 1 002 983 234 217 126 407 234 126 594 750
Feb 449 567 92 740 128 265 451 981 1 122 553 263 462 141 839 260 655 665 956
Mar 356 267 75 059 103 819 373 432 908 577 211 278 113 001 210 149 534 428
Apr 373 819 78 999 109 336 390 952 953 106 222 286 120 102 222 611 564 999
May 417 760 86 970 120 301 426 093 1 051 124 246 057 132 653 244 592 623 302
Jun 315 068 67 272 93 437 341 580 817 357 189 094 101 026 190 179 480 299
Jul 335 408 71 523 98 964 357 708 863 603 200 326 107 727 200 926 508 979
Aug 321 402 69 000 95 503 346 739 832 644 192 802 103 740 193 965 490 507
Sep 348 597 74 021 102 442 369 009 894 069 207 759 111 854 208 254 527 867
Oct 446 784 93 153 126 945 457 140 1 124 022 265 014 141 052 261 475 667 541
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
118
IV.7 - Transfers of funds from the National Treasury to states and
municipalities1/
(concluded) Flows in R$ thousandEnd- Central-west region Total - Brazil
of-
period Distrito Federal Goiás Mato Grosso Mato Grosso do Sul Total
1996 87 351 601 368 392 264 268 778 1 349 761 19 473 546
1997 98 308 677 465 536 569 379 642 1 691 983 23 537 697
1998 111 376 785 969 572 871 420 649 1 890 865 27 489 699
1999 123 608 868 055 638 262 419 497 2 049 422 32 093 896
2000 157 673 1 034 112 720 916 484 639 2 397 340 35 592 273
2001 186 573 1 202 920 821 896 553 456 2 764 845 40 595 230
Jan 17 410 117 008 79 420 53 704 267 542 3 847 087
Feb 14 627 95 777 65 369 43 761 219 534 3 243 998
Mar 13 203 84 521 58 043 38 856 194 623 2 929 885
Apr 15 610 98 844 67 160 45 038 226 652 3 344 269
May 17 167 110 782 75 407 50 485 253 841 3 700 620
Jun 15 211 96 804 66 400 44 248 222 663 3 269 298
Jul 14 086 88 292 60 663 40 573 203 614 3 083 341
Aug 14 670 92 810 63 605 42 511 213 596 3 169 456
Sep 15 636 99 866 68 119 45 506 229 127 3 355 694
Oct 15 094 99 013 68 494 47 519 230 120 3 277 277
Nov 15 541 98 998 67 440 45 116 227 095 3 359 774
Dec 18 318 120 205 81 776 56 139 276 438 4 014 531
2002
Jan 19 973 129 939 87 080 59 197 296 189 4 249 424
Feb 22 855 150 272 99 626 67 230 339 983 4 915 838
Mar 18 118 116 157 77 852 52 585 264 712 3 843 010
Apr 18 808 121 312 81 307 54 841 276 268 4 025 932
May 21 168 138 119 91 932 62 059 313 278 4 527 311
Jun 15 965 101 368 71 146 46 670 235 149 3 360 076
Jul 16 921 107 614 72 486 48 899 245 920 3 647 178
Aug 16 174 102 219 69 038 46 639 234 070 3 437 682
Sep 17 559 112 379 75 431 50 930 256 299 3 743 186
Oct 22 358 150 400 100 336 70 285 343 379 4 828 996
Source: STN
1/ Refers to State and Municipalities Equity Funds, Export Funds, Tax on Financial Transactions - Gold, Tax on Rural Properties. The values of refunds of ICMS according to
LC 87 are included as of Jan/1997.
Boletim do Banco Central do Brasil January 2003
119
IV.8 - Federal domestic securities issued National Treasury liabilities
Balances in R$ millionEnd- LFT LTN BTN NTN CTN/ Partial Securitized Total Percentage change
of- CFT creditsperiod TDA/CDP/ Nominal Real
1/
Agrariandebt In In In 12 In In In 12
month year months month year months
1996 Dec - 49 101 54 65 620 - 114 775 ... 114 775 3.0 35.7 35.7 1.7 24.2 24.2
1997 Dec 72 181 87 056 60 66 436 - 225 732 ... 225 732 59.7 96.7 96.7 58.5 83.6 83.6
1998 Dec 264 933 20 748 64 53 838 4 237 343 820 ... 343 820 8.1 52.3 52.3 6.9 49.5 49.5
1999 Dec 291 895 49 253 67 111 999 11 292 464 507 ... 464 507 0.5 20.0 20.0 - 0.6 0.1 0.1
2000 Dec 349 498 108 852 64 48 049 14 280 520 743 27 982 548 724 1.2 34.7 34.7 0.6 23.0 23.0
2001 Jan 344 857 91 575 65 64 524 14 635 515 655 26 884 542 539 1.3 1.3 35.0 0.9 0.9 23.5
Feb 346 883 96 603 67 65 924 14 492 523 968 26 304 550 272 0.3 1.6 35.0 - 0.3 0.6 23.0
Mar 351 532 103 321 65 68 284 14 594 537 796 26 521 564 318 2.3 3.9 34.5 1.3 1.9 21.6
Apr 366 748 97 174 66 69 935 14 559 548 483 28 404 576 886 0.9 4.8 25.1 0.1 2.0 12.6
May 366 052 93 645 70 73 526 15 011 548 304 28 606 576 910 0.3 5.1 13.4 - 0.6 1.4 2.0
Jun 387 463 97 360 69 84 325 14 838 584 056 28 735 612 790 5.0 10.4 16.3 3.4 4.8 4.7
Jul 399 399 91 537 73 86 653 15 493 593 154 21 780 614 935 2.1 12.7 15.1 0.9 5.7 4.4
Aug 405 328 88 495 76 89 752 15 775 599 427 21 816 621 242 0.6 13.4 15.0 0.0 5.6 4.9
Sep 418 198 88 706 74 107 860 15 961 630 798 21 506 652 305 2.8 16.5 16.9 1.8 7.6 6.3
Oct 420 618 83 359 75 136 115 15 959 656 126 19 570 675 696 3.8 20.9 21.4 2.6 10.4 9.6
Nov 429 228 78 519 72 137 558 15 836 661 213 19 701 680 914 0.5 21.6 23.1 0.1 10.5 11.2
Dec 435 992 81 209 67 134 079 19 366 670 713 21 564 692 277 1.7 23.6 23.6 1.5 12.2 12.2
2002 Jan 437 793 73 477 70 143 360 19 538 674 238 21 717 695 954 1.8 1.8 24.3 1.6 1.6 13.0
Feb 436 454 70 327 69 152 807 15 712 675 369 25 954 701 323 1.1 2.9 25.2 0.9 2.6 14.3
Mar 420 331 79 763 64 155 699 15 697 671 553 24 851 696 404 0.2 3.1 22.6 - 0.2 2.3 12.6
Apr 356 354 116 174 65 198 677 14 705 685 974 24 915 710 889 2.5 5.7 24.7 1.6 4.0 14.3
May 367 345 109 825 69 206 646 14 987 698 871 24 269 723 140 2.0 7.8 26.7 0.5 4.5 15.7
Jun 372 619 103 529 76 211 376 15 430 703 030 24 409 727 439 2.4 10.4 23.6 0.5 5.1 12.5
Jul 390 444 101 291 102 245 232 17 434 754 503 24 613 779 116 7.4 18.6 30.1 5.1 10.5 17.2
Aug 433 042 96 931 90 198 967 17 020 746 050 25 151 771 201 - 2.1 16.1 26.6 - 4.5 5.5 12.0
Sep* 419 267 72 151 109 241 614 17 998 751 139 25 194 776 333 5.4 22.4 29.8 1.9 7.5 12.1
Oct* 423 333 64 696 102 223 038 18 206 729 376 23 888 753 264 - 2.2 19.7 22.4 - 6.9 0.1 1.7
Nov* 434 812 60 024 103 221 093 18 851 734 882 24 230 759 112 1.4 21.4 23.4 - 2.9 - 2.8 - 1.3
Source: Bacen and STN
1/ Deflator: IGP-DI centered at end of referencemonth (geometric average of month indicated and subsequent month indices).
Boletim do Banco Central do Brasil January 2003January 2003
120
IV.9 - Federal domestic securitiesBanco Central do Brasil portfolio
Balances in R$ millionEnd- LTN LFT NTN Partial Securitized Total Entreasured Percentage change
of- credit securities
period MP 1,789 Nominal Real1/
In In In 12 In In In 12
month year months month year months
1996 Dec 1 024 - 20 645 21 669 - 21 669 - 2.9 - 14.9 - 14.9 1.6 - 22.1 - 22.1
1997 Dec 22 302 8 588 4 571 35 461 - 35 461 - 71.6 63.6 63.6 70.3 52.8 52.8
1998 Dec 15 311 107 763 1 596 124 670 - 124 670 - 21.5 251.6 251.6 20.2 245.2 245.2
1999 Dec 11 135 35 919 13 818 60 871 - 60 871 51 754 - 22.2 - 9.7 - 9.7 - 22.9 - 36.0 - 36.0
2000 Dec 33 453 87 197 1 817 122 466 1 246 123 713 - 10.9 9.8 9.8 10.2 18.7 18.7
2001 Jan 17 492 84 768 14 579 116 839 1 261 118 100 - - 4.5 - 4.5 17.2 - 4.9 - 4.9 29.6
Feb 24 725 85 012 15 083 124 820 1 260 126 079 - 6.8 1.9 36.0 6.2 0.9 48.1
Mar 27 852 85 972 16 137 129 961 1 243 131 204 - 4.1 6.1 31.1 3.1 4.0 39.7
Apr 29 177 91 732 16 631 137 539 1 159 138 699 - 5.7 12.1 37.8 4.9 9.1 46.3
May 30 479 95 484 17 517 143 481 1 176 144 657 - 4.3 16.9 69.1 3.3 12.7 52.1
Jun 34 458 99 105 25 998 159 561 1 186 160 746 - 11.1 29.9 74.8 9.4 23.4 57.3
Jul 30 875 95 103 26 787 152 765 1 265 154 030 - - 4.2 24.5 42.8 - 5.4 16.7 29.5
Aug 30 364 99 635 28 150 158 148 1 502 159 650 - 3.6 29.0 40.7 3.0 20.2 28.4
Sep 31 507 111 581 35 576 178 664 1 511 180 175 - 12.9 45.6 56.8 11.8 34.4 42.5
Oct 30 463 112 574 48 815 191 852 1 523 193 375 - 7.3 56.3 74.0 6.2 42.7 57.0
Nov 27 328 116 235 48 580 192 143 1 533 193 676 - 0.2 56.6 73.6 - 0.3 42.3 56.8
Dec 32 418 113 839 46 591 192 847 1 543 194 390 - 0.4 57.1 57.1 0.2 42.5 42.5
2002 Jan 25 414 111 409 49 920 186 743 1 554 188 297 - - 3.1 - 3.1 59.4 - 3.3 - 3.3 45.0
Feb 22 946 111 655 52 835 187 436 1 563 188 999 - 0.4 - 2.8 49.9 0.2 - 3.1 36.9
Mar 22 929 108 187 51 834 182 951 1 573 184 524 - - 2.4 - 5.1 40.6 - 2.8 - 5.8 29.1
Apr 54 274 39 161 89 834 183 269 1 584 184 854 - 0.2 - 4.9 33.3 - 0.7 - 6.4 22.2
May 48 839 46 945 93 546 189 331 1 595 190 926 - 3.3 - 1.8 32.0 1.8 - 4.7 20.5
Jun 47 339 50 253 88 855 186 446 1 605 188 051 - - 1.5 - 3.3 17.0 - 3.3 - 7.9 6.4
Jul 49 554 39 891 113 267 202 712 1 617 204 329 - 8.7 5.1 32.7 6.3 - 2.1 19.5
Aug 48 763 92 864 79 770 221 398 1 629 223 026 - 9.2 14.7 39.7 6.5 4.3 23.6
Sep* 29 126 78 149 102 330 209 604 1 639 211 244 - - 5.3 8.7 17.2 - 8.4 - 4.5 1.2
Oct* 23 648 86 920 94 027 204 595 1 652 206 246 - - 2.4 6.1 6.7 - 7.0 - 11.2 - 11.4
Nov* 32 151 77 023 92 581 201 755 1 664 203 419 - - 1.4 4.6 5.0 - 5.6 - 16.2 - 16.0
Source: Bacen and STN
1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).
Boletim do Banco Central do Brasil January 2003
121
IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil
Balances in R$ millionEnd- LTN LFT CTN/CFT BTN NTN Partial total-A Securitized Partial total-B
of- (National credits (National
period Treasury) TDA/CDP Treasury)
Agrarian
debt
1996 Dec 48 077 - - 54 44 975 93 106 - 93 106
1997 Dec 64 755 63 592 - 60 61 865 190 271 - 190 271
1998 Dec 5 438 157 171 4 237 64 52 241 219 151 - 219 151
1999 Dec 38 118 204 223 11 292 67 98 182 351 881 - 351 881
2000 Dec 75 399 262 301 14 280 64 46 233 398 276 26 735 425 011
2001 Jan 74 082 260 089 14 635 65 49 945 398 816 25 623 424 439
Feb 71 878 261 871 14 492 67 50 841 399 148 25 045 424 193
Mar 75 470 265 559 14 594 65 52 147 407 836 25 278 433 114
Apr 67 998 275 016 14 559 66 53 305 410 943 27 245 438 188
May 63 166 270 568 15 011 70 56 009 404 824 27 430 432 254
Jun 62 902 288 358 14 838 69 58 327 424 495 27 549 452 044
Jul 60 662 304 295 15 493 73 59 867 440 389 20 516 460 905
Aug 58 131 305 694 15 775 76 61 602 441 278 20 314 461 592
Sep 57 199 306 617 15 961 74 72 283 452 134 19 995 472 129
Oct 52 896 308 044 15 959 75 87 300 464 273 18 048 482 321
Nov 51 191 312 993 15 836 72 88 978 469 070 18 168 487 238
Dec 48 791 322 153 19 366 67 87 488 477 866 20 021 497 887
2002 Jan 48 063 326 384 19 538 70 93 440 487 495 20 162 507 657
Feb 47 382 324 799 15 712 69 99 973 487 934 24 390 512 324
Mar 56 834 312 144 15 697 64 103 864 488 602 23 278 511 880
Apr 61 901 317 193 14 705 65 108 842 502 705 23 330 526 035
May 60 985 320 400 14 987 69 113 099 509 540 22 673 532 214
Jun 56 190 322 366 15 430 76 122 521 516 584 22 804 539 388
Jul 51 737 350 553 17 434 102 131 965 551 791 22 996 574 787
Aug 48 168 340 178 17 020 90 119 196 524 653 23 523 548 175
Sep* 43 026 341 118 17 998 109 139 284 541 534 23 555 565 090
Oct* 41 048 336 413 18 206 102 129 011 524 781 22 237 547 018
Nov* 27 873 357 789 18 851 103 128 512 533 128 22 566 555 694
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
122
IV.10 - Federal domestic securitiesOutside the Banco Central do Brasil
(concluded) Balances in R$ millionEnd- LBC BBC NBCA Partial Total Percentage change
of- BBCA NBCE total
period NBCF (Banco Nominal Real1/
Central)
In In In 12 In In In 12
month year months month year months
1996 Dec 32 789 50 316 - 83 105 176 211 0.6 62.4 62.4 - 0.6 48.7 48.7
1997 Dec 25 282 28 327 11 629 65 238 255 509 22.6 45.0 45.0 21.7 35.4 35.4
1998 Dec 22 537 48 372 33 800 104 709 323 860 1.2 26.8 26.8 0.2 24.4 24.4
1999 Dec 1 122 - 61 897 63 020 414 901 0.6 28.1 28.1 - 0.6 6.8 6.8
2000 Dec - - 85 686 85 686 510 698 - 0.8 24.4 24.4 - 1.4 13.6 13.6
2001 Jan - - 88 480 88 480 512 919 0.4 0.4 22.6 0.0 0.0 13.0
Feb - - 94 594 94 594 518 787 1.1 1.6 22.8 0.6 0.6 11.8
Mar - - 103 362 103 362 536 476 3.4 5.0 24.7 2.4 3.0 13.0
Apr - - 110 405 110 405 548 593 2.3 7.4 16.0 1.5 4.5 4.4
May - - 122 304 122 304 554 557 1.1 8.6 13.8 0.1 4.7 1.4
Jun - - 128 781 128 781 580 825 4.7 13.7 18.1 3.1 8.0 3.2
Jul - - 136 373 136 373 597 279 2.8 17.0 20.6 1.6 9.7 9.1
Aug - - 144 584 144 584 606 176 1.5 18.7 22.7 0.8 10.6 10.9
Sep - - 156 961 156 961 629 090 3.8 23.2 25.2 2.8 13.7 10.1
Oct - - 154 756 154 756 637 077 1.3 24.7 25.7 0.2 13.9 9.0
Nov - - 139 693 139 693 626 932 - 1.6 22.8 23.7 - 2.1 11.6 6.6
Dec - - 126 198 126 198 624 084 - 0.5 22.2 22.2 - 0.6 10.9 8.1
2002 Jan - - 127 453 127 453 635 110 1.8 1.8 23.8 1.6 1.6 8.2
Feb - - 119 312 119 312 631 636 - 0.5 1.2 21.8 - 0.7 0.9 8.9
Mar - - 114 441 114 441 626 321 - 0.8 0.4 16.7 - 1.2 - 0.4 6.9
Apr - - 107 251 107 251 633 286 1.1 1.5 15.4 0.2 - 0.2 7.4
May - - 107 177 107 177 639 391 1.0 2.5 15.3 - 0.5 - 0.6 6.7
Jun - - 114 360 114 360 653 748 2.2 4.8 12.6 0.3 - 0.3 7.7
Jul - - 99 614 99 614 674 401 3.2 8.1 12.9 0.9 0.6 5.1
Aug - - 74 619 74 619 622 794 - 7.7 - 0.2 2.7 - 9.9 - 9.3 - 2.2
Sep* - - 93 688 93 688 658 778 5.8 5.6 4.7 2.3 - 7.3 0.6
Oct* - - 85 086 85 086 632 104 - 4.0 1.3 - 0.8 - 8.6 - 15.3 - 7.2
Nov* - - 75 767 75 767 631 461 - 0.1 1.2 0.7 - 4.4 - 19.0 - 8.0
Source: Bacen and STN
1/ Deflator: IGP-DI centered at end of month (geometric average of month indicated and subsequent month).
Boletim do Banco Central do Brasil January 2003
123
IV.11 - Federal domestic securities Percentage share of index numbers
End- Balances Index numbers Totalof- (R$ million)1/
period Foreign Reference IGP-M Over/Selic IGP-DI Preset2/ Long-term Other
exchange rate interest rate
1996 Dec 176 211 9.4 7.9 1.8 18.6 - 61.0 1.4 - 100
1997 Dec 255 509 15.4 8.0 0.3 34.8 - 40.9 0.6 - 100
1998 Dec 323 860 21.0 5.4 0.3 69.1 0.1 3.5 0.2 0.5 100
1999 Dec 414 901 24.2 3.0 0.3 61.1 2.1 9.2 0.1 - 100
2000 Dec 510 698 22.3 4.7 1.6 52.2 4.4 14.8 0.0 0.0 100
2001 Jan 512 919 22.5 4.7 2.5 51.4 4.4 14.4 0.0 0.0 100
Feb 518 787 23.1 4.7 3.0 51.1 4.2 13.9 0.0 0.0 100
Mar 536 476 24.1 4.5 3.1 50.1 4.1 14.1 0.0 0.0 100
Apr 548 593 24.8 4.9 3.2 50.8 3.9 12.4 0.0 0.0 100
May 554 557 26.9 4.9 3.5 49.4 3.9 11.4 0.0 0.0 100
Jun 580 825 26.8 5.0 3.7 50.2 3.5 10.8 0.0 0.0 100
Jul 597 279 27.8 3.8 3.5 51.5 3.2 10.2 0.0 0.0 100
Aug 606 176 28.8 3.7 3.6 51.0 3.2 9.6 0.0 0.0 100
Sep 629 090 31.4 3.6 3.6 49.3 3.0 9.1 0.0 0.0 100
Oct 637 077 32.9 3.4 3.7 48.8 3.0 8.3 0.0 0.0 100
Nov 626 932 31.1 3.4 3.9 50.3 3.1 8.2 0.0 0.0 100
Dec 624 084 28.6 3.8 4.0 52.8 3.0 7.8 0.0 0.0 100
2002 Jan 635 110 29.4 2.4 3.9 52.6 2.9 7.6 0.0 1.3 100
Feb 631 636 28.7 2.5 4.4 52.7 2.8 7.5 0.0 1.3 100
Mar 626 321 28.7 2.4 4.5 51.2 2.7 9.1 0.0 1.4 100
Apr 633 286 27.8 2.4 4.8 51.2 2.7 9.8 0.0 1.4 100
May 639 391 28.1 2.3 4.9 51.2 2.6 9.6 0.0 1.4 100
Jun 653 748 29.9 2.2 4.9 50.4 2.6 8.6 0.0 1.4 100
Jul 674 401 28.5 1.8 4.9 53.0 2.7 7.7 0.0 1.4 100
Aug 622 794 24.6 2.0 5.6 55.8 2.8 7.8 0.0 1.5 100
Sep* 658 778 29.0 1.9 5.5 52.9 2.7 6.6 0.0 1.4 100
Oct* 632 104 26.6 2.0 6.4 54.2 2.8 6.5 0.0 1.5 100
Nov* 631 461 23.6 2.0 7.9 57.7 2.9 4.4 0.0 1.5 100
Source: STN and Bacen
1/ Portfolio position as of Jan/2000.2/ Including National Treasury Notes series J for having their yield linked to the National Treasury Bills.
Boletim do Banco Central do Brasil January 2003January 2003
124
IV.12 - Monetary impact from federal securities operations National Treasury and Banco Central do Brasil
R$ millionEnd- Primary market Secondary market Total
of-
period Placements Redemp- Balance Sales + net Buyings + Balance Placements Redemptions Balance
tions borrowings net loans + sales + net + buyings
borrowings + net loans
1997 302 578 317 350 14 772 19 543 26 638 7 095 322 122 343 988 21 867 National Treasury 132 620 125 725 - 11 328 10 399 23 289 12 890 147 452 149 014 1 562 Banco Central 169 958 191 625 26 100 9 144 3 349 - 5 795 174 669 194 974 20 305
1998 533 654 577 530 43 876 2 309 193 2 293 489 - 15 704 2 842 847 2 871 019 28 172 National Treasury 187 067 184 858 - 2 209 1 299 815 1 365 184 65 369 1 486 882 1 550 042 63 160 Banco Central 346 587 392 672 46 085 1 009 378 928 305 - 81 073 1 355 965 1 320 977 - 34 988
1999 314 261 389 407 75 146 1 610 939 1 571 082 - 39 856 1 925 207 1 960 496 35 289 National Treasury 269 415 231 094 - 38 321 373 774 381 259 7 485 643 189 612 353 - 30 836 Banco Central 44 846 158 313 113 467 1 237 164 1 189 823 - 47 341 1 282 010 1 348 136 66 126
2000 244 036 297 217 53 181 302 419 271 094 - 31 326 546 455 568 310 21 855 National Treasury 243 234 257 496 14 262 74 166 29 356 - 44 810 317 400 286 853 - 30 547 Banco Central 802 39 720 38 918 228 253 241 737 13 484 229 055 281 458 52 402
2001 183 029 266 391 83 362 1 135 279 1 093 899 - 41 380 1 318 308 1 360 290 41 982 National Treasury 183 029 203 369 20 340 760 699 790 262 29 563 943 728 993 631 49 903 Banco Central - 63 022 63 022 374 580 303 637 - 70 943 374 580 366 659 - 7 921
2002 Jan 13 152 13 620 468 144 467 140 368 - 4 099 157 619 153 987 - 3 631 Feb 16 866 21 862 4 996 109 139 104 591 - 4 549 126 005 126 452 447 Mar 13 116 22 501 9 385 81 504 74 065 - 7 439 94 621 96 566 1 946
Apr 19 821 22 454 2 633 147 351 144 950 - 2 401 167 172 167 405 232 May 11 445 21 601 10 157 223 499 221 884 - 1 615 234 944 243 485 8 541 Jun 6 401 20 483 14 082 273 405 261 352 - 12 053 279 806 281 836 2 029 Jul 22 586 21 009 - 1 577 311 874 328 392 16 519 334 459 349 401 14 941 Aug 10 824 18 358 7 535 492 700 502 396 9 696 503 524 520 754 17 231 Sep* 13 275 17 019 3 743 773 953 779 209 5 256 787 228 796 228 9 000 Oct* 17 831 34 886 17 056 924 156 928 157 4 002 941 986 963 043 21 057 Nov* 34 549 41 905 7 355 1 028 134 1 024 694 - 3 439 1 062 683 1 066 599 3 916
BTN -'' -'' -'' -'' -'' -'' -'' -'' -''
LFT 28 053 11 686 - 16 367 659 553 635 218 - 24 335 687 606 646 904 - 40 702 LTN 0 13 594 13 594 362 642 381 327 18 685 362 642 394 921 32 280 NTN 6 496 9 643 3 147 1 881 1 834 - 47 8 377 11 477 3 100 BBCA -'' -'' -'' -'' -'' -'' -'' -'' -''
LBC -'' -'' -'' -'' -'' -'' -'' -'' -''LBCE -'' -'' -'' -'' -'' -'' -'' -'' -''
NBCE -'' 6 981 6 981 4 058 6 315 2 257 4 058 13 296 9 238
NBCF -'' -'' -'' -'' -'' -'' -'' -'' -''
Accumulated in year 179 866 255 698 75 832 4 510 181 4 510 059 - 122 4 690 047 4 765 756 75 710 National Treasury 179 866 187 769 7 903 4 145 001 4 115 543 - 29 458 4 324 867 4 303 313 - 21 554
Banco Central - 67 928 67 928 365 180 394 516 29 336 365 180 462 444 97 264
Boletim do Banco Central do Brasil January 2003
125
IV.13 - State and municipal domestic debt Securities issued
Balances in R$ millionEnd- State debt
of-
period São Paulo Minas Gerais Rio de Janeiro Rio Grande do Sul Other states Total
1996 Dec 18 723 8 773 5 935 6 543 5 175 45 149
1997 Dec - 10 912 7 383 8 143 6 442 32 880
1998 Dec - - 9 474 - 3 055 12 529
1999 Dec - - - - 2 059 2 059
2000 Dec - - - 49 1 720 1 769
2001 Jan - - - 50 1 742 1 792
Feb - - - 50 1 760 1 810
Mar - - - 51 1 782 1 833
Apr - - - 51 1 803 1 854
May - - - 14 1 827 1 841
Jun - - - 15 1 850 1 865
Jul - - - 15 1 878 1 893
Aug - - - 15 1 908 1 923
Sep - - - 15 1 933 1 948
Oct - - - 16 1 963 1 978
Nov - - - - 1 990 1 990
Dec - - - - 2 018 2 018
2002 Jan - - - - 2 049 2 049
Feb - - - - 2 074 2 074
Mar - - - - 2 103 2 103
Apr - - - - 2 134 2 134
May - - - - 2 164 2 164
Jun - - - - 2 193 2 193
Jul - - - - 2 227 2 227
Aug - - - - 2 259 2 259
Sep* - - - - 1 500 1 500
Oct* - - - - 1 254 1 254
Nov* - - - - 1 270 1 270
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
126
IV.13 - State and municipal domestic debt Securities issued
(concluded) Balances in R$ millionEnd- Municipal debt Total Securities Total Banco In the Total
of- in in Central Banco outside
period São Paulo Rio de Others1/ Total Balance Real percentage changes
2/ treasury circulation portfolio Central the
Janeiro custodian Banco
In In In 12 account Central
month year months
1996 Dec 5 021 1 338 212 6 571 51 720 0.5 19.8 19.8 1 814 49 906 - 34 847 15 059
1997 Dec 6 242 1 658 256 8 156 41 036 - 34.9 - 25.9 - 25.9 1 625 39 411 - 26 648 12 763
1998 Dec 8 041 2 124 326 10 491 23 020 1.3 - 44.9 - 44.9 677 22 343 - 9 682 12 661
1999 Dec 10 102 - 409 10 511 12 569 - 49.5 - 54.5 - 54.5 434 12 135 - 700 11 435
2000 Dec - - 481 481 2 250 0.6 - 83.7 - 83.7 49 2 201 - - 2 201
2001 Jan - - 487 487 2 279 0.8 0.8 - 83.7 50 2 229 - - 2 229
Feb - - 492 492 2 302 0.4 1.3 - 83.8 50 2 252 - - 2 252
Mar - - 498 498 2 331 0.3 1.6 - 83.7 51 2 280 - - 2 280
Apr - - 504 504 2 359 0.4 2.0 - 83.8 51 2 307 - - 2 307
May - - 511 511 2 352 - 1.2 0.8 - 14.6 14 2 338 - - 2 338
Jun - - 517 517 2 382 - 0.3 0.5 2.8 15 2 368 - - 2 368
Jul - - 525 525 2 418 0.2 0.7 3.7 15 2 403 - - 2 403
Aug - - 534 534 2 457 1.0 1.7 4.6 15 2 441 - - 2 441
Sep - - 541 541 2 489 0.4 2.1 4.3 15 2 474 - - 2 474
Oct - - 549 549 2 527 0.4 2.5 3.8 16 2 512 - - 2 512
Nov - - 557 557 2 547 0.3 2.8 3.4 0 2 547 - - 2 547
Dec - - 564 564 2 582 1.2 4.1 4.1 0 2 582 - - 2 582
2002 Jan - - 573 573 2 622 1.3 1.3 4.6 0 2 622 - - 2 622
Feb - - 580 580 2 655 1.1 2.5 5.3 0 2 655 - - 2 655
Mar - - 588 588 2 691 1.0 3.5 6.0 0 2 691 - - 2 691
Apr - - 597 597 2 731 0.6 4.0 6.2 0 2 731 - - 2 731
May - - 605 605 2 770 0.0 4.0 7.5 0 2 770 - - 2 770
Jun - - 613 613 2 806 - 0.6 3.5 7.2 0 2 806 - - 2 806
Jul - - 623 623 2 850 - 0.7 2.8 6.2 0 2 850 - - 2 850
Aug - - 632 632 2 891 - 1.0 1.7 4.1 0 2 891 - - 2 891
Sep* - - 641 641 2 140 - 28.4 - 27.2 - 25.8 0 2 140 - - 2 140
Oct* - - 651 651 1 905 - 15.3 - 38.3 - 37.4 0 1 905 - - 1 905
Nov* - - 661 661 1 931 - 2.9 - 40.1 - 39.4 0 1 931 - - 1 931
1/ Other: Campinas, Guarulhos and Osasco.
2/ Deflator: IGP-DI centered at end of month (geometric average month indicated and subsequent month).
Boletim do Banco Central do Brasil January 2003
127
IV.14 - Net public sector debt
R$ million
Itemization 2000 2001 2002*
December December September October November
Balances % Balances % Balances % Balances % Balances %
GDP GDP GDP GDP GDP
Fiscal net debt (G=E-F) 471 823 41.4 522 817 42.1 547 645 39.4 555 930 38.1 562 353 37.2Internal debt adjustment (F) 53 613 4.7 72 795 5.9 166 042 11.9 154 245 10.6 153 546 10.2
Fiscal net debt with exchange devaluation (E=A-B-C-D) 525 436 46.1 595 612 48.0 713 686 51.3 710 175 48.7 715 899 47.4External debt adjustment (D) 42 794 3.8 52 838 4.3 150 465 10.8 135 252 9.3 132 949 8.8Inventory adjustment (C) 54 794 4.8 73 259 5.9 85 519 6.1 85 265 5.8 85 104 5.6Privatization asjustment (B) - 59 861 - 5.3 - 60 842 - 4.9 - 64 479 - 4.6 - 64 479 - 4.4 - 64 479 - 4.3Total net debt (A) 563 164 49.4 660 867 53.3 885 191 63.6 866 212 59.4 869 473 57.5 Federal government and the Bacen 344 258 30.2 419 121 33.8 592 219 42.6 568 153 39.0 574 932 38.0 Banco Central 8 709 0.8 - 7 349 - 0.6 - 4 557 - 0.3 463 0.0 - 9 672 - 0.6 State governments 161 184 14.1 203 409 16.4 235 918 17.0 238 223 16.3 244 647 16.2 Local governments 24 139 2.1 26 156 2.1 30 902 2.2 31 228 2.1 32 023 2.1 State enterprises 24 873 2.2 19 530 1.6 30 709 2.2 28 145 1.9 27 542 1.8 Federal - 4 220 - 0.4 - 15 601 - 1.3 - 13 175 - 0.9 - 14 214 - 1.0 - 14 383 - 1.0
State 26 538 2.3 32 400 2.6 40 912 2.9 39 413 2.7 38 955 2.6 Local governments 2 555 0.2 2 732 0.2 2 972 0.2 2 947 0.2 2 970 0.2Internal net debt 451 841 39.7 530 022 42.7 639 947 46.0 631 351 43.3 634 753 42.0Federal government and the Bacen 200 687 17.6 254 499 20.5 307 396 22.1 302 910 20.8 308 039 20.4
Federal securities1/ 397 481 34.9 477 866 38.5 541 534 38.9 524 781 36.0 533 128 35.3
Privatization currencies 28 077 2.5 20 058 1.6 23 563 1.7 22 245 1.5 22 574 1.5 Bank debt 889 0.1 1 493 0.1 952 0.1 989 0.1 1 012 0.1 Tax collected (not transferred) - 292 0.0 - 767 - 0.1 - 6 579 - 0.5 - 5 521 - 0.4 - 3 993 - 0.3 Demand deposits - 1 409 - 0.1 - 1 880 - 0.2 - 579 0.0 - 563 0.0 - 610 0.0
Investment in funds2/
- 33 776 - 3.0 - 37 568 - 3.0 - 48 635 - 3.5 - 50 784 - 3.5 - 51 919 - 3.4
Laborer assistance fund (FAT) - 51 092 - 4.5 - 60 977 - 4.9 - 75 885 - 5.5 - 75 095 - 5.2 - 75 948 - 5.0 Social Security system - 870 - 0.1 - 1 287 - 0.1 - 692 0.0 - 606 0.0 - 1 358 - 0.1 Renegotiation (Law 9,496/1997 and Proes) - 154 830 - 13.6 - 174 502 - 14.1 - 191 107 - 13.7 - 196 824 - 13.5 - 203 740 - 13.5
Renegotiation (Law 8,727/1993) - 4 755 - 0.4 - 19 246 - 1.6 - 19 490 - 1.4 - 19 655 - 1.3 - 19 857 - 1.3
Restructured debt3/ - 7 849 - 0.7 - 26 640 - 2.1 - 43 503 - 3.1 - 40 525 - 2.8 - 40 089 - 2.7
Other federal government's credits4/ - 12 209 - 1.1 - 29 288 - 2.4 - 32 557 - 2.3 - 33 927 - 2.3 - 34 112 - 2.3
Relationship with Banco Central 41 323 3.6 107 236 8.6 160 373 11.5 178 396 12.2 182 951 12.1 Banco Central 66 885 5.9 54 021 4.4 70 720 5.1 61 704 4.2 53 913 3.6 Monetary base 47 679 4.2 53 247 4.3 60 770 4.4 60 640 4.2 60 559 4.0
Banco Central securities1/ 85 680 7.5 126 198 10.2 93 688 6.7 85 086 5.8 75 767 5.0
Repurchase agreement 6 049 0.5 - 8 776 - 0.7 62 482 4.5 66 850 4.6 74 377 4.9 Other deposits 14 965 1.3 18 172 1.5 38 783 2.8 53 889 3.7 54 291 3.6 Bacen credit to financial institutions - 37 341 - 3.3 - 21 573 - 1.7 - 21 460 - 1.5 - 21 374 - 1.5 - 21 392 - 1.4 Other accounts in Bacen - 8 824 - 0.8 - 6 011 - 0.5 - 3 171 - 0.2 - 4 991 - 0.3 - 6 738 - 0.4 Relationship with Federal Government - 41 323 - 3.6 - 107 236 - 8.6 - 160 373 - 11.5 - 178 396 - 12.2 - 182 951 - 12.1State governments 151 558 13.3 192 154 15.5 216 120 15.5 219 678 15.1 226 025 15.0
Securities net debt5/ 1 720 0.2 2 018 0.2 1 500 0.1 1 254 0.1 1 270 0.1
Renegotiation (Law 9,496/1997 and Proes) 136 731 12.0 154 222 12.4 168 341 12.1 173 562 11.9 179 532 11.9
Renegotiation (Law 8,727/1993) 25 692 2.3 26 444 2.1 27 016 1.9 26 792 1.8 26 994 1.8
Restructured debt3/ 3 148 0.3 11 645 0.9 19 048 1.4 17 817 1.2 17 526 1.2
Bank debt 4 039 0.4 3 995 0.3 4 048 0.3 4 059 0.3 3 643 0.2
Other state debts6/ 12 603 1.1 18 616 1.5 21 083 1.5 21 345 1.5 21 874 1.4
Tax collected (not transferred) - 228 0.0 - 314 0.0 - 516 0.0 - 709 0.0 - 540 0.0 Demand deposits - 1 897 - 0.2 - 1 942 - 0.2 - 1 258 - 0.1 - 1 261 - 0.1 - 1 325 - 0.1
Other state credits7/ - 30 250 - 2.7 - 22 530 - 1.8 - 23 143 - 1.7 - 23 182 - 1.6 - 22 950 - 1.5
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
128
IV.14 - Net public sector debt
(concluded) R$ million
Itemization 2000 2001 2002*
December December September October November
Balances % Balances % Balances % Balances % Balances %
GDP GDP GDP GDP GDP
Local governments 22 706 2.0 24 374 2.0 27 709 2.0 28 229 1.9 29 053 1.9
Securities net debt5/ 481 0.0 560 0.0 641 0.0 651 0.0 661 0.0
Renegotiation (MP 2,118/2000) 18 100 1.6 20 279 1.6 22 765 1.6 23 262 1.6 24 208 1.6 Renegotiation (Law 8,727/1993) 2 598 0.2 2 560 0.2 2 532 0.2 2 531 0.2 2 535 0.2
Restructured debt3/
828 0.1 1 386 0.1 2 158 0.2 2 011 0.1 1 991 0.1
Bank debt 2 228 0.2 1 964 0.2 2 038 0.1 2 088 0.1 2 103 0.1 Tax collected (not transferred) - 49 0.0 - 78 0.0 - 93 0.0 - 83 0.0 - 87 0.0 Demand deposits - 1 479 - 0.1 - 2 297 - 0.2 - 2 331 - 0.2 - 2 231 - 0.2 - 2 358 - 0.2 State enterprises 10 004 0.9 4 974 0.4 18 001 1.3 18 831 1.3 17 723 1.2 Federal - 12 520 - 1.1 - 23 185 - 1.9 - 14 688 - 1.1 - 13 088 - 0.9 - 14 051 - 0.9 Restructured debt3/
0 0.0 3 546 0.3 6 315 0.5 5 860 0.4 5 847 0.4 Bank debt 10 492 0.9 2 562 0.2 3 335 0.2 2 990 0.2 2 888 0.2 Contractors and suppliers 2 361 0.2 27 639 2.2 26 743 1.9 27 540 1.9 28 396 1.9 Debentures - 1 268 - 0.1 - 275 0.0 - 319 0.0 - 325 0.0 - 342 0.0 Renegotiation (Law 8,727/1993) - 23 817 - 2.1 - 29 708 - 2.4 - 19 412 - 1.4 - 17 380 - 1.2 - 18 796 - 1.2 State enterprises portfolios - 288 0.0 - 529 0.0 - 573 0.0 - 687 0.0 - 947 - 0.1 Demand deposits 0 0.0 - 26 421 - 2.1 - 30 777 - 2.2 - 31 085 - 2.1 - 31 098 - 2.1 States 19 975 1.8 25 427 2.0 29 717 2.1 28 972 2.0 28 804 1.9
Restructured debt3/
3 862 0.3 9 093 0.7 13 771 1.0 12 795 0.9 12 686 0.8
Banking debt 4 215 0.4 4 096 0.3 3 791 0.3 3 991 0.3 4 001 0.3 Debentures 638 0.1 873 0.1 1 420 0.1 1 420 0.1 1 434 0.1 Renegotiation (Law 8,727/1993) 11 849 1.0 11 970 1.0 11 606 0.8 11 621 0.8 11 638 0.8 Fed.security portfolio of state enterprises - 374 0.0 - 417 0.0 - 601 0.0 - 592 0.0 - 696 0.0 Demand deposit - 215 0.0 - 188 0.0 - 270 0.0 - 263 0.0 - 259 0.0 Local government 2 549 0.2 2 732 0.2 2 972 0.2 2 947 0.2 2 970 0.2
Restructured debt3/
11 0.0 139 0.0 228 0.0 211 0.0 210 0.0 Banking debt 122 0.0 127 0.0 190 0.0 172 0.0 173 0.0 Renegociation (Law 8,727/1993) 2 450 0.2 2 512 0.2 2 603 0.2 2 615 0.2 2 629 0.2 Demand deposit - 35 0.0 - 46 0.0 - 50 0.0 - 51 0.0 - 42 0.0 Foreign net debt 111 322 9.8 130 845 10.5 245 244 17.6 234 861 16.1 234 719 15.5 Federal government 143 571 12.6 164 622 13.3 284 822 20.5 265 243 18.2 266 893 17.7
Banco Central do Brasil8/
- 58 177 - 5.1 - 61 370 - 4.9 - 75 277 - 5.4 - 61 241 - 4.2 - 63 585 - 4.2
State governments 9 626 0.8 11 255 0.9 19 798 1.4 18 545 1.3 18 622 1.2 Local governments 1 433 0.1 1 781 0.1 3 193 0.2 2 999 0.2 2 970 0.2 State enterprises 14 869 1.3 14 556 1.2 12 708 0.9 9 314 0.6 9 819 0.6 Federal 8 299 0.7 7 584 0.6 1 512 0.1 - 1 126 - 0.1 - 332 0.0 State 6 564 0.6 6 973 0.6 11 196 0.8 10 441 0.7 10 151 0.7 Local government 6 0.0 0 0.0 0 0.0 0 0.0 0 0.0
GDP9/
1 139 269 1 240 998 1 391 399 1 458 148 1 511 157IMF - Basic path Total net debt 568 186 - 703 492 - 806 030 - - - - -
1/ Portfolio valuation.2/ Includes constitutional funds and other funds and general programs.
3/ Includes MF30, BIB, and others.4/ Includes royalties, agricultural debt and others.5/ Securities debt issued minus securities in treasury.6/ Includes royalties, Fundef and others.7/ Includes securitized credit, CFTs, LFTs, and other financial accounts. 8/ Excludes international reserves.9/ Last 12 month GDP at prices of month indicated. Deflator: centered IGP (geometric average of IGP-DI growth in the month and the subsequent month).
Boletim do Banco Central do Brasil January 2003
129
IV.15 - Net public sector debt
US$ million
Itemization 2000 2001 2002*
December December September October November
Fiscal net debt (G=E-F) 241 391 225 391 140 634 152 552 154 675
Internal debt adjustment (F) 27 429 31 383 42 639 42 326 42 233
Fiscal net debt with exchange devaluation (E=A-B-C-D) 268 820 256 773 183 274 194 878 196 908
External debt adjustment (D) 21 894 22 779 38 639 37 114 36 568
Inventory adjustment (C) 28 034 31 583 21 961 23 398 23 408
Privatization adjustment (B) - 30 626 - 26 229 - 16 558 - 17 694 - 17 735
Total net debt (A) 288 122 284 906 227 316 237 696 239 149
Federal government and the Bacen 176 127 180 687 152 081 155 906 158 135
Banco Central 4 455 - 3 168 - 1 170 127 - 2 660
State governments 82 464 87 691 60 583 65 370 67 290
Local governments 12 350 11 276 7 936 8 569 8 808
State enterprises 12 725 8 420 7 886 7 723 7 575
Federal - 2 159 - 6 726 - 3 383 - 3 901 - 3 956
State 13 577 13 968 10 506 10 815 10 715
Local governments 1 307 1 178 763 809 817
Internal net debt 231 168 228 497 164 338 173 248 174 589
Federal government and the Bacen 102 674 109 717 78 939 83 121 84 726
Federal securities1/ 203 357 206 012 139 065 144 005 146 637
Privatization currencies 14 364 8 647 6 051 6 104 6 209
Bank debt 455 644 245 271 278
Tax collected (not transferred) - 149 - 331 - 1 689 - 1 515 - 1 098
Demand deposits - 721 - 810 - 149 - 154 - 168
Investment in funds2/ - 17 280 - 16 196 - 12 489 - 13 936 - 14 280
Laborer assistance fund (FAT) - 26 139 - 26 288 - 19 487 - 20 607 - 20 889
Social Security system - 445 - 555 - 178 - 166 - 373
Renegotiation (Law 9,496/1997 and Proes) - 79 213 - 75 229 - 49 076 - 54 010 - 56 039
Renegotiation (Law 8,727/1993) - 2 433 - 8 297 - 5 005 - 5 393 - 5 462
Restructured debt3/
- 4 016 - 11 485 - 11 171 - 11 121 - 11 026
Other federal government's credits4/
- 6 246 - 12 626 - 8 361 - 9 310 - 9 383
Relationship with Banco Central 21 141 46 230 41 183 48 953 50 321
Banco Central 34 219 23 289 18 161 16 932 14 829
Monetary base 24 393 22 955 15 606 16 640 16 657
Banco Central securities1/
43 835 54 405 24 059 23 348 20 840
Repurchase agreement 3 095 - 3 783 16 045 18 344 20 457
Other deposits 7 656 7 834 9 959 14 788 14 933
Bacen credit to financial institutions - 19 104 - 9 300 - 5 511 - 5 865 - 5 884
Other accounts in Bacen - 4 514 - 2 591 - 814 - 1 370 - 1 853
Relationship with Federal Government - 21 141 - 46 230 - 41 183 - 48 953 - 50 321
State governments 77 539 82 839 55 499 60 281 62 168
Securities net debt5/ 880 870 385 344 349
Renegotiation (Law 9,496/1997 and Proes) 69 953 66 487 43 230 47 627 49 380
Renegotiation (Law 8,727/1993) 13 144 11 400 6 938 7 352 7 425
Restructured debt3/
1 610 5 020 4 891 4 889 4 821
Bank debt 2 066 1 722 1 040 1 114 1 002
Other state debts6/ 6 448 8 026 5 414 5 857 6 017
Tax collected (not transferred) - 117 - 135 - 132 - 195 - 148
Demand deposits - 970 - 837 - 323 - 346 - 365
Other state credits7/
- 15 476 - 9 713 - 5 943 - 6 361 - 6 313
(continues)
Boletim do Banco Central do Brasil January 2003January 2003
130
IV.15 - Net public sector debt
(concluded) US$ million
Itemization 2000 2001 2002*
December December September October November
Local governments 11 617 10 508 7 116 7 746 7 991 Securities net debt
5/ 246 241 164 179 182
Renegotiation (MP 2,118/2000) 9 260 8 743 5 846 6 383 6 293 Renegotiation (Law 8,727/1993) 1 329 1 104 650 695 739 Restructured debt
3/ 424 598 554 552 558
Bank debt 1 140 847 523 573 611 Tax collected (not transferred) - 25 - 34 - 24 - 23 - 24 Demand deposits - 757 - 990 - 599 - 612 - 778
State enterprises 5 118 2 144 4 623 5 167 5 239 Federal - 6 405 - 9 995 - 3 772 - 3 591 - 3 755 Restructured debt
3/ 0 1 529 1 622 1 608 1 698
Bank debt 5 368 1 105 856 821 - 490 Contractors and suppliers 1 208 11 915 6 868 7 557 203 Debentures - 649 - 118 - 82 - 89 198
Renegociation (Law 8,727/1993) - 12 185 - 12 807 - 4 985 - 4 769 - 88 State enterprises portfolios - 147 - 228 - 147 - 189 - 5 120 Demand deposits 0 - 11 390 - 7 904 - 8 530 - 156 States 10 219 10 962 7 631 7 950 8 161 Restructured debt3/
1 976 3 920 3 536 3 511 3 557
Banking debt 2 157 1 766 974 1 095 1 093
Debentures 326 376 365 390 377 Renegotiation (Law 8,727/1993) 6 062 5 160 2 980 3 189 3 389 Fed.security portfolio of state enterprises - 191 - 180 - 154 - 162 - 167 Demand deposit - 110 - 81 - 69 - 72 - 88
Local government 1 304 1 178 763 809 833 Restructured debt3/
6 60 59 58 59
Banking debt 63 55 49 47 39
Renegotiation (Law 8,727/1993) 1 254 1 083 669 718 752 Demand deposit - 18 - 20 - 13 - 14 - 17 Foreign net debt 56 954 56 408 62 978 64 448 57 984 Federal government 73 453 70 970 73 142 72 785 71 503 Banco Central do Brasil8/
- 29 764 - 26 457 - 19 331 - 16 805 - 23 459 State governments 4 925 4 852 5 084 5 089 4 823 Local governments 733 768 820 823 773 State enterprises 7 607 6 275 3 263 2 556 4 344 Federal 4 246 3 269 388 - 309 1 532 State 3 358 3 006 2 875 2 865 2 812 Local government 3 0 0 0 0GDP9/
582 865 535 005 357 310 400 128 386 021IMF - Indicative targetTotal net debt 290 692 303 281 206 987 ... '' ... ''
Exchange rate (purchase) R$/US$ 1.9546 2.3196 3.8941 3.6442 3.6357
1/ Includes constitutional funds (as from June 1997).
2/ Issued securities debt minus entreasured bonds.
3/ Debentures are included as from July 1999.4/ Deducted of international reserves.
5/ Securities debt issued minus securities in treasury.
6/ Includes royalties, Fundef and others.
7/ Includes securitized credit, CFT, LFT, and other financial accounts. 8/ Excludes international reserves.9/ Last 12 month GDP at prices of month indicated. Deflator: centered IGP (geometric average of IGP-DI growth in the month and the subsequent month).
Boletim do Banco Central do Brasil January 2003
131
IV.16 - Public sector borrowing requirements
Accumulated in the year % of GDP
Itemization Current prices Last month prices1/
2001 2002* 2001 2002*
Jan-Nov Year Jan-Nov Jan-Nov Year Jan-Nov
Nominal 2.93 3.61 3.33 2.88 3.54 3.27
Central government 1.08 2.13 0.31 1.04 2.05 0.31
Federal government2/ 1.21 2.27 1.35 1.17 2.18 1.36
Bacen -0.13 -0.13 -1.04 -0.13 -0.13 -1.04
Regional government 2.11 2.05 2.92 2.09 2.03 2.83
State government 1.98 1.95 2.52 1.97 1.94 2.44
Local government 0.13 0.10 0.40 0.13 0.10 0.39
State enterprises -0.26 -0.57 0.09 -0.26 -0.55 0.13
Federal owner -0.49 -0.67 -0.28 -0.48 -0.66 -0.25
States owner 0.22 0.10 0.35 0.22 0.10 0.36
Local governments owner 0.01 0.01 0.02 0.01 0.01 0.02
Nominal interest 7.25 7.30 8.14 7.24 7.28 8.09
Central government 3.67 3.99 3.37 3.66 3.97 3.40
Federal government2/ 3.85 4.18 4.47 3.84 4.15 4.51
Bacen -0.19 -0.19 -1.10 -0.18 -0.19 -1.10
Regional government 3.07 2.93 3.95 3.06 2.93 3.86
State government 2.68 2.56 3.38 2.67 2.56 3.30
Local government 0.39 0.37 0.57 0.39 0.37 0.56
State enterprises 0.51 0.38 0.82 0.51 0.39 0.83
Federal owner -0.03 -0.03 0.18 -0.03 -0.03 0.18
States owner 0.52 0.39 0.61 0.52 0.40 0.62
Local governments owner 0.02 0.02 0.02 0.02 0.02 0.02
Primary -4.32 -3.68 -4.81 -4.35 -3.75 -4.82
Central government -2.59 -1.86 -3.06 -2.61 -1.91 -3.09
Federal government -3.58 -3.00 -4.30 -3.60 -3.04 -4.32
Bacen 0.06 0.06 0.06 0.06 0.06 0.06
INSS 0.94 1.08 1.18 0.93 1.07 1.17
Regional government -0.96 -0.88 -1.03 -0.97 -0.90 -1.03
State government -0.70 -0.61 -0.86 -0.71 -0.62 -0.86
Local government -0.26 -0.28 -0.17 -0.26 -0.28 -0.17
State enterprises -0.77 -0.95 -0.72 -0.77 -0.94 -0.70
Federal owner -0.46 -0.64 -0.46 -0.46 -0.63 -0.43
States owner -0.30 -0.30 -0.26 -0.30 -0.30 -0.27
Local governments owner -0.01 -0.01 0.00 -0.01 -0.01 0.00
1/ Flows at prices of the last month of the period, based on the IGP-DI.
2/ Includes INSS.
(+) deficit (-) surplus
Boletim do Banco Central do Brasil January 2003January 2003
132
IV.17 - Public sector borrowing requirements
Flows in 12 months in R$ million
Itemization 2000 2001 2002
December December September October November
Total nominal 39 806 42 788 47 087 49 178 50 734
Federal government and Banco Central do Brasil 25 016 25 273 19 043 22 712 17 335
State and local governments 22 921 24 257 30 922 31 702 36 177
State enterprises - 8 132 - 6 742 - 2 878 - 5 236 - 2 778
Total operational1/ 12 888 12 571 - 5 600 - 20 512 - 36 357
Federal government and Banco Central do Brasil 14 371 13 371 - 2 156 - 6 363 - 19 825
State and local governments 7 558 5 565 - 674 - 8 972 - 13 766
State enterprises - 9 042 - 6 364 - 2 770 - 5 177 - 2 765
Total primary - 38 157 - 43 655 - 50 071 - 53 325 - 54 127
Federal government and Banco Central do Brasil - 20 431 - 21 980 - 27 219 - 29 641 - 30 356
State and local governments - 6 026 - 10 471 - 10 770 - 11 755 - 12 309
State enterprises - 11 700 - 11 204 - 12 081 - 11 929 - 11 461
Total real interest 51 044 56 226 44 470 32 813 17 770
Federal government and Banco Central do Brasil 34 801 35 351 25 063 23 278 10 531
State and local governments 13 584 16 036 10 096 2 783 - 1 457
State enterprises 2 659 4 840 9 311 6 752 8 696
GDP (accumulated in the year)2/
1 086 700 1 184 769 1 255 462 1 270 504 1 292 480
In percentage of GDP3/
Total nominal 3.66 3.61 3.75 3.87 3.93
Federal government and Banco Central do Brasil 2.30 2.13 1.52 1.79 1.34
State and local governments 2.11 2.05 2.46 2.50 2.80
State enterprises -0.75 -0.57 -0.23 -0.41 -0.21
Total operational 1.19 1.06 -0.45 -1.61 -2.81
Federal government and Banco Central do Brasil 1.32 1.13 -0.17 -0.50 -1.53
State and local governments 0.70 0.47 -0.05 -0.71 -1.07
State enterprises -0.83 -0.54 -0.22 -0.41 -0.21
Total primary -3.51 -3.68 -3.99 -4.20 -4.19
Federal government and Banco Central do Brasil -1.88 -1.86 -2.17 -2.33 -2.35
State and local governments -0.55 -0.88 -0.86 -0.93 -0.95
State enterprises -1.08 -0.95 -0.96 -0.94 -0.89
Total real interest 4.70 4.75 3.54 2.58 1.37
Federal government and Banco Central do Brasil 3.20 2.98 2.00 1.83 0.81
State and local governments 1.25 1.35 0.80 0.22 -0.11
State enterprises 0.24 0.41 0.74 0.53 0.67
1/ Deflator = IGP-DI (centered).
2/ GDP at current prices.
3/ Reflects ratio of flows to the GDP at current prices.
Boletim do Banco Central do Brasil January 2003
133
IV.18 - Public sector borrowing requirements
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2000 2001 2002
December December September October November
Total nominal 41 390 43 871 51 711 54 903 58 530
Federal government and Banco Central do Brasil 25 954 25 473 22 037 26 069 21 044
State and local governments 23 803 25 223 32 783 34 532 40 526
State enterprises -8 366 -6 825 -3 108 -5 698 -3 040
Total operational1/13 299 12 153 -3 765 -19 343 -37 128
Federal government and Banco Central do Brasil 14 848 12 958 - 225 -4 807 -19 611
State and local governments 7 769 5 626 - 551 -8 902 -14 493
State enterprises -9 317 -6 432 -2 989 -5 633 -3 024
Total primary -40 368 -46 444 -53 588 -58 572 -62 242
Federal government and Banco Central do Brasil -21 818 -23 692 -29 198 -32 520 -34 937
State and local governments -6 460 -11 114 -11 683 -13 085 -14 236
State enterprises -12 091 -11 637 -12 708 -12 968 -13 069
Total real interest 53 667 58 597 49 823 39 230 25 115
Federal government and Banco Central do Brasil 36 665 36 651 28 972 27 713 15 326
State and local governments 14 229 16 741 11 132 4 183 - 256
State enterprises 2 773 5 205 9 719 7 334 10 045
GDP (accumulated in the year)2/
1 136 488 1 239 820 1 363 004 1 417 348 1 497 002
In percentage of GDP3/
Total nominal 3.64 3.54 3.79 3.87 3.91
Federal government and Banco Central do Brasil 2.28 2.05 1.62 1.84 1.41
State and local governments 2.09 2.03 2.41 2.44 2.71
State enterprises -0.74 -0.55 -0.23 -0.40 -0.20
Total operational 1.17 0.98 -0.28 -1.36 -2.48
Federal government and Banco Central do Brasil 1.31 1.05 -0.02 -0.34 -1.31
State and local governments 0.68 0.45 -0.04 -0.63 -0.97
State enterprises -0.82 -0.52 -0.22 -0.40 -0.20
Total primary -3.55 -3.75 -3.93 -4.13 -4.16
Federal government and Banco Central do Brasil -1.92 -1.91 -2.14 -2.29 -2.33
State and local governments -0.57 -0.90 -0.86 -0.92 -0.95
State enterprises -1.06 -0.94 -0.93 -0.91 -0.87
Total real interest 4.72 4.73 3.66 2.77 1.68
Federal government and Banco Central do Brasil 3.23 2.96 2.13 1.96 1.02
State and local governments 1.25 1.35 0.82 0.30 -0.02
State enterprises 0.24 0.42 0.71 0.52 0.67
1/ Deflator = IGP-DI (centered).
2/ At prices of the last month of the period indicated (deflator: IGP-DI).
3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2003January 2003
134
IV.19 - Public sector borrowing requirements
With exchange devaluation on domestic securities debt stock
Accumulated in the year % of GDP
Itemization Current prices Last month prices1/
2001 2002* 2001 2002*
Jan-Nov Year Jan-Nov Jan-Nov Year Jan-Nov
Nominal 6.13 5.23 10.13 6.14 5.29 10.17
Central government 4.28 3.75 7.12 4.31 3.80 7.21
Federal government2/ 1.71 2.34 4.44 1.69 2.29 4.48
Bacen 2.57 1.41 2.68 2.62 1.51 2.73
Regional government 2.11 2.05 2.92 2.09 2.03 2.83
State government 1.98 1.95 2.52 1.97 1.94 2.44
Local government 0.13 0.10 0.40 0.13 0.10 0.39
State enterprises -0.26 -0.57 0.09 -0.26 -0.55 0.13
Federal owner -0.49 -0.67 -0.28 -0.48 -0.66 -0.25
States owner 0.22 0.10 0.35 0.22 0.10 0.36
Local governments owner 0.01 0.01 0.02 0.01 0.01 0.02
Nominal interest 10.44 8.92 14.94 10.50 9.03 14.99
Central government 6.86 5.61 10.17 6.92 5.71 10.30
Federal government2/ 4.35 4.25 7.56 4.35 4.26 7.63
Bacen 2.52 1.35 2.62 2.56 1.45 2.68
Regional government 3.07 2.93 3.95 3.06 2.93 3.86
State government 2.68 2.56 3.38 2.67 2.56 3.30
Local government 0.39 0.37 0.57 0.39 0.37 0.56
State enterprises 0.51 0.38 0.82 0.51 0.39 0.83
Federal owner -0.03 -0.03 0.18 -0.03 -0.03 0.18
States owner 0.52 0.39 0.61 0.52 0.40 0.62
Local governments owner 0.02 0.02 0.02 0.02 0.02 0.02
Primary -4.32 -3.68 -4.81 -4.35 -3.75 -4.82
Central government -2.59 -1.86 -3.06 -2.61 -1.91 -3.09
Federal government -3.58 -3.00 -4.30 -3.60 -3.04 -4.32
Bacen 0.06 0.06 0.06 0.06 0.06 0.06
INSS 0.94 1.08 1.18 0.93 1.07 1.17
Regional government -0.96 -0.88 -1.03 -0.97 -0.90 -1.03
State government -0.70 -0.61 -0.86 -0.71 -0.62 -0.86
Local government -0.26 -0.28 -0.17 -0.26 -0.28 -0.17
State enterprises -0.77 -0.95 -0.72 -0.77 -0.94 -0.70
Federal owner -0.46 -0.64 -0.46 -0.46 -0.63 -0.43
States owner -0.30 -0.30 -0.26 -0.30 -0.30 -0.27
Local governments owner -0.01 -0.01 0.00 -0.01 -0.01 0.00
1/ Flows at prices of the last month of the period, based on the IGP-DI.
2/ Includes INSS.
(+) deficit (-) surplus
Boletim do Banco Central do Brasil January 2003
135
IV.20 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock
Flows in 12 months in R$ million
Itemization 2000 2001 2002*
December December September October November
Total nominal 49 285 61 970 114 187 101 994 116 156
Federal government and Banco Central do Brasil 34 496 44 455 86 143 75 528 82 756
State and local governments 22 921 24 257 30 922 31 702 36 177
State enterprises - 8 132 - 6 742 - 2 878 - 5 236 - 2 778
Total operational1/ 12 895 16 724 35 623 - 726 - 10 083
Federal government and Banco Central do Brasil 14 378 17 523 39 067 13 423 6 449
State and local governments 7 558 5 565 - 674 - 8 972 - 13 766
State enterprises - 9 042 - 6 364 - 2 770 - 5 177 - 2 765
Total primary - 38 157 - 43 655 - 50 071 - 53 325 - 54 127
Federal government and Banco Central do Brasil - 20 431 - 21 980 - 27 219 - 29 641 - 30 356
State and local governments - 6 026 - 10 471 - 10 770 - 11 755 - 12 309
State enterprises - 11 700 - 11 204 - 12 081 - 11 929 - 11 461
Total real interest 51 052 60 379 85 694 52 600 44 044
Federal government and Banco Central do Brasil 34 809 39 503 66 286 43 065 36 805
State and local governments 13 584 16 036 10 096 2 783 - 1 457
State enterprises 2 659 4 840 9 311 6 752 8 696
GDP (accumulated in the year)2/
1 086 700 1 184 769 1 255 462 1 270 504 1 292 480
In percentage of GDP3/
Total nominal 4.54 5.23 9.10 8.03 8.99
Federal government and Banco Central do Brasil 3.17 3.75 6.86 5.94 6.40
State and local governments 2.11 2.05 2.46 2.50 2.80
State enterprises -0.75 -0.57 -0.23 -0.41 -0.21
Total operational 1.19 1.41 2.84 -0.06 -0.78
Federal government and Banco Central do Brasil 1.32 1.48 3.11 1.06 0.50
State and local governments 0.70 0.47 -0.05 -0.71 -1.07
State enterprises -0.83 -0.54 -0.22 -0.41 -0.21
Total primary -3.51 -3.68 -3.99 -4.20 -4.19
Federal government and Banco Central do Brasil -1.88 -1.86 -2.17 -2.33 -2.35
State and local governments -0.55 -0.88 -0.86 -0.93 -0.95
State enterprises -1.08 -0.95 -0.96 -0.94 -0.89
Total real interest 4.70 5.10 6.83 4.14 3.41
Federal government and Banco Central do Brasil 3.20 3.33 5.28 3.39 2.85
State and local governments 1.25 1.35 0.80 0.22 -0.11
State enterprises 0.24 0.41 0.74 0.53 0.67
1/ Deflator = IGP-DI (centered).
2/ GDP at current prices.
3/ Reflects ratio of flows to the GDP at current prices.
Boletim do Banco Central do Brasil January 2003January 2003
136
IV.21 - Public sector borrowing requirements With exchange devaluation on domestic securities debt stock
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2000 2001 2002*
December December September October November
Total nominal 51 014 65 534 119 986 111 334 133 964
Federal government and Banco Central do Brasil 35 578 47 136 90 311 82 500 96 479
State and local governments 23 803 25 223 32 783 34 532 40 526
State enterprises -8 366 -6 825 -3 108 -5 698 -3 040
Total operational1/13 034 18 124 37 110 1 760 -4 984
Federal government and Banco Central do Brasil 14 582 18 929 40 651 16 296 12 533
State and local governments 7 769 5 626 - 551 -8 902 -14 493
State enterprises -9 317 -6 432 -2 989 -5 633 -3 024
Total primary -40 368 -46 444 -53 588 -58 572 -62 242
Federal government and Banco Central do Brasil -21 818 -23 692 -29 198 -32 520 -34 937
State and local governments -6 460 -11 114 -11 683 -13 085 -14 236
State enterprises -12 091 -11 637 -12 708 -12 968 -13 069
Total real interest 53 402 64 568 90 699 60 333 57 258
Federal government and Banco Central do Brasil 36 400 42 622 69 848 48 816 47 470
State and local governments 14 229 16 741 11 132 4 183 - 256
State enterprises 2 773 5 205 9 719 7 334 10 045
GDP (accumulated in the year)2/
1 136 488 1 239 820 1 363 004 1 417 348 1 497 002
In percentage of GDP3/
Total nominal 4.49 5.29 8.80 7.86 8.95
Federal government and Banco Central do Brasil 3.13 3.80 6.63 5.82 6.44
State and local governments 2.09 2.03 2.41 2.44 2.71
State enterprises -0.74 -0.55 -0.23 -0.40 -0.20
Total operational 1.15 1.46 2.72 0.12 -0.33
Federal government and Banco Central do Brasil 1.28 1.53 2.98 1.15 0.84
State and local governments 0.68 0.45 -0.04 -0.63 -0.97
State enterprises -0.82 -0.52 -0.22 -0.40 -0.20
Total primary -3.55 -3.75 -3.93 -4.13 -4.16
Federal government and Banco Central do Brasil -1.92 -1.91 -2.14 -2.29 -2.33
State and local governments -0.57 -0.90 -0.86 -0.92 -0.95
State enterprises -1.06 -0.94 -0.93 -0.91 -0.87
Total real interest 4.70 5.21 6.65 4.26 3.82
Federal government and Banco Central do Brasil 3.20 3.44 5.12 3.44 3.17
State and local governments 1.25 1.35 0.82 0.30 -0.02
State enterprises 0.24 0.42 0.71 0.52 0.67
1/ Deflator = IGP-DI (centered).
2/ At prices of the last month of the period indicated (deflator: IGP-DI).
3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2003
137
IV.22 - Public sector borrowing requirements State enterprises
Flows in 12 months in R$ million
Itemization 2000 2001 2002*
December December September October November
Total nominal -8 132 -6 742 -2 878 -5 236 -2 778
Federal enterprises -9 276 -7 971 -6 695 -7 820 -6 007
State enterprises 1 014 1 149 3 557 2 359 2 972
Local governments enterprises 130 80 260 225 257
Total operational1/ -9 042 -6 364 -2 770 -5 177 -2 765
Federal enterprises -8 622 -5 821 -3 817 -4 251 -1 734
State enterprises - 336 - 374 1 183 - 645 - 674
Local governments enterprises - 84 - 169 - 137 - 280 - 358
Total primary -11 700 -11 204 -12 081 -11 929 -11 461
Federal enterprises -10 174 -7 571 -8 681 -8 707 -8 076
State enterprises -1 484 -3 504 -3 371 -3 186 -3 379
Local governments enterprises - 42 - 130 - 30 - 36 - 7
Total real interest 2 659 4 840 9 311 6 752 8 696
Federal enterprises 1 553 1 749 4 864 4 455 6 342
State enterprises 1 148 3 130 4 554 2 541 2 705
Local governments enterprises - 42 - 39 - 107 - 244 - 351
GDP (accumulated in the year)2/ 1 086 700 1 184 769 1 255 462 1 270 504 1 292 480
In percentage of GDP3/
Total nominal -0.75 -0.57 -0.23 -0.41 -0.21
Federal enterprises -0.85 -0.67 -0.53 -0.62 -0.46
State enterprises 0.09 0.10 0.28 0.19 0.23
Local governments enterprises 0.01 0.01 0.02 0.02 0.02
Total operational -0.83 -0.54 -0.22 -0.41 -0.21
Federal enterprises -0.79 -0.49 -0.30 -0.33 -0.13
State enterprises -0.03 -0.03 0.09 -0.05 -0.05
Local governments enterprises -0.01 -0.01 -0.01 -0.02 -0.03
Total primary -1.08 -0.95 -0.96 -0.94 -0.89
Federal enterprises -0.94 -0.64 -0.69 -0.69 -0.62
State enterprises -0.14 -0.30 -0.27 -0.25 -0.26
Local governments enterprises 0.00 -0.01 0.00 0.00 0.00
Total real interest 0.24 0.41 0.74 0.53 0.67
Federal enterprises 0.14 0.15 0.39 0.35 0.49
State enterprises 0.11 0.26 0.36 0.20 0.21
Local governments enterprises 0.00 0.00 -0.01 -0.02 -0.03
1/ Deflator = IGP-DI (centered).
2/ GDP at current prices.
3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2003January 2003
138
IV.23 - Public sector borrowing requirements State enterprises
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2000 2001 2002*
December December September October November
Total nominal - 8 366 - 6 825 - 3 108 - 5 698 - 3 040
Federal enterprises - 9 538 - 8 191 - 6 939 - 8 371 - 6 696
State enterprises 1 038 1 284 3 559 2 425 3 360
Local governments enterprises 134 82 272 247 296
Total operational1/ - 9 317 - 6 432 - 2 989 - 5 633 - 3 024
Federal enterprises - 8 858 - 5 939 - 3 894 - 4 552 - 1 977
State enterprises - 370 - 313 1 051 - 788 - 664
Local governments enterprises - 89 - 180 - 147 - 293 - 383
Total primary - 12 091 - 11 637 - 12 708 - 12 968 - 13 069
Federal enterprises - 10 475 - 7 796 - 8 968 - 9 310 - 9 070
State enterprises - 1 569 - 3 704 - 3 701 - 3 615 - 3 991
Local governments enterprises - 46 - 137 - 38 - 42 - 9
Total real interest 2 773 5 205 9 719 7 334 10 045
Federal enterprises 1 617 1 857 5 075 4 758 7 092
State enterprises 1 199 3 391 4 753 2 827 3 327
Local governments enterprises - 43 - 43 - 108 - 251 - 374
GDP (accumulated in the year)2/ 1 136 488 1 239 820 1 363 004 1 417 348 1 497 002
In percentage of GDP3/
Total nominal -0.74 -0.55 -0.23 -0.40 -0.20
Federal enterprises -0.84 -0.66 -0.51 -0.59 -0.45
State enterprises 0.09 0.10 0.26 0.17 0.22
Local governments enterprises 0.01 0.01 0.02 0.02 0.02
Total operational -0.82 -0.52 -0.22 -0.40 -0.20
Federal enterprises -0.78 -0.48 -0.29 -0.32 -0.13
State enterprises -0.03 -0.03 0.08 -0.06 -0.04
Local governments enterprises -0.01 -0.01 -0.01 -0.02 -0.03
Total primary -1.06 -0.94 -0.93 -0.91 -0.87
Federal enterprises -0.92 -0.63 -0.66 -0.66 -0.61
State enterprises -0.14 -0.30 -0.27 -0.26 -0.27
Local governments enterprises 0.00 -0.01 0.00 0.00 0.00
Total real interest 0.24 0.42 0.71 0.52 0.67
Federal enterprises 0.14 0.15 0.37 0.34 0.47
State enterprises 0.11 0.27 0.35 0.20 0.22
Local governments enterprises 0.00 0.00 -0.01 -0.02 -0.02
1/ Deflator = IGP-DI (centered).
2/ At prices of the last month of the period indicated (deflator: IGP-DI).
3/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2003
139
IV.24 - Public accounts - uses and sources
Flows in 12 months in R$ million
Itemization 2000 2001 2002*
December December September October November
Uses (1+2+3) 39 806 42 788 47 087 49 178 50 734
1 - Primary result - 38 157 - 43 655 - 50 071 - 53 325 - 54 127
2 - Internal debt interest 68 415 72 112 80 333 85 018 87 267
Real interest 41 496 41 895 27 645 15 327 176
Monetary atualization 26 918 30 217 52 687 69 691 87 091
3 - External debt interest 9 548 14 332 16 825 17 486 17 594
Sources (4+5) 39 806 42 788 47 087 49 178 50 734
4 - Internal borrowing 40 278 27 810 21 149 21 473 24 397
Securities debt 58 625 58 353 15 268 - 2 371 5 594
Banking debt - 17 008 - 26 939 - 5 946 9 612 4 783
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others - 1 339 - 3 604 11 827 14 233 14 020
TN/Bacen relationship - - - - -
5 - External borrowing - 472 14 978 25 938 27 705 26 338
GDP (accumulated in the year)1/1 086 700 1 184 769 1 255 462 1 270 504 1 292 480
In percentage of GDP2/
Uses (1+2+3) 3.66 3.61 3.75 3.87 3.93
1 - Primary result -3.51 -3.68 -3.99 -4.20 -4.19
2 - Internal debt interest 6.30 6.09 6.40 6.69 6.75
Real interest 3.82 3.54 2.20 1.21 0.01
Monetary atualization 2.48 2.55 4.20 5.49 6.74
3 - External debt interest 0.88 1.21 1.34 1.38 1.36
Sources (4+5) 3.66 3.61 3.75 3.87 3.93
4 - Internal borrowing 3.71 2.35 1.68 1.69 1.89
Securities debt 5.39 4.93 1.22 -0.19 0.43
Banking debt -1.57 -2.27 -0.47 0.76 0.37
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others -0.12 -0.30 0.94 1.12 1.08
TN/Bacen relationship - - - - -
5 - External borrowing -0.04 1.26 2.07 2.18 2.04
1/ GDP at current prices.
2/ Reflects ratio of flows to the GDP at current prices.
Boletim do Banco Central do Brasil January 2003January 2003
140
IV.25 - Public accounts - uses and sources
Flows in 12 months at prices of last month indicated in R$ million
Itemization 2000 2001 2002*
December December September October November
Uses (1+2+3) 41 390 43 871 51 711 54 903 58 530
1 - Primary result - 40 368 - 46 444 - 53 588 - 58 572 - 62 242
2 - Internal debt interest 71 731 75 358 87 094 94 057 100 488
Real interest 43 641 43 640 31 617 19 812 4 830
Monetary atualization 28 090 31 718 55 477 74 245 95 6583 - External debt interest 10 027 14 957 18 206 19 417 20 284
Sources (4+5) 41 390 43 871 51 711 54 902 58 530
4 - Internal borrowing 41 778 28 912 23 952 24 740 28 796
Securities debt 62 402 61 892 18 377 571 8 652
Banking debt - 18 209 - 28 522 - 6 614 8 665 4 251
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others - 2 415 - 4 458 12 189 15 505 15 893
TN/Bacen relationship - - - - -
5 - External borrowing - 388 14 959 27 760 30 162 29 734
GDP (flows in 12 months)1/1 136 488 1 239 820 1 363 004 1 417 348 1 497 002
In percentage of GDP2/
Uses (1+2+3) 3.64 3.54 3.79 3.87 3.91
1 - Primary result -3.55 -3.75 -3.93 -4.13 -4.16
2 - Internal debt interest 6.31 6.08 6.39 6.64 6.71
Real interest 3.84 3.52 2.32 1.40 0.32
Monetary atualization 2.47 2.56 4.07 5.24 6.39
3 - External debt interest 0.88 1.21 1.34 1.37 1.36
Sources (4+5) 3.64 3.54 3.79 3.87 3.91
4 - Internal borrowing 3.68 2.33 1.76 1.75 1.92
Securities debt 5.49 4.99 1.35 0.04 0.58
Banking debt -1.60 -2.30 -0.49 0.61 0.28
Renegotiations - - - - -
States - - - - -
Local governments - - - - -
State Enterprises - - - - -
Others -0.21 -0.36 0.89 1.09 1.06
TN/Bacen relationship - - - - -
5 - External borrowing -0.03 1.21 2.04 2.13 1.99
1/ At prices of the last month of the period indicated (deflator: IGP-DI).
2/ Reflects ratio of flows to the GDP, both at prices of the last month of the period (deflator: IGP-DI).
Boletim do Banco Central do Brasil January 2003
141
IV.26 - Public net debt harmonized
End- Public sector National government1/
of-
period With international reserves Without international reserves With international reserves Without international reserves
R$ million % of GDP R$ million % of GDP R$ million % of GDP R$ million % of GDP
2001 Jan 522 083 45.6 592 222 51.7 286 896 25.1 357 034 31.2
Feb 527 444 45.8 599 842 52.1 290 187 25.2 362 585 31.5
Mar 547 350 46.9 621 696 53.3 305 038 26.1 379 384 32.5
Apr 555 811 47.1 631 489 53.5 311 048 26.4 386 727 32.8
May 577 061 48.4 660 716 55.5 326 813 27.4 410 468 34.5
Jun 577 467 48.1 663 452 55.3 328 169 27.4 414 154 34.5
Jul 599 698 49.5 686 107 56.7 345 609 28.6 432 018 35.7
Aug 615 655 50.7 708 250 58.3 356 249 29.3 448 844 37.0
Sep 626 449 51.2 733 413 60.0 362 703 29.6 469 667 38.4
Oct 631 880 51.2 733 345 59.4 365 724 29.6 467 189 37.8
Nov 614 164 49.5 708 288 57.1 347 349 28.0 441 473 35.6
Dec 607 620 49.0 690 815 55.7 342 924 27.6 426 119 34.3
2002 Jan 635 562 51.2 722 996 58.2 368 309 29.6 455 743 36.7
Feb 632 104 50.9 716 390 57.7 367 307 29.6 451 592 36.4
Mar 631 854 50.9 717 149 57.7 366 271 29.5 451 566 36.4
Apr 637 892 51.0 715 847 57.2 371 605 29.7 449 560 35.9
May 656 941 51.9 739 861 58.4 386 848 30.5 469 767 37.1
Jun 699 565 54.1 818 994 63.3 421 884 32.6 541 312 41.8
Jul 766 943 58.1 900 828 68.3 475 616 36.0 609 502 46.2
Aug 729 071 54.1 842 810 62.6 438 022 32.5 551 760 41.0
Sep* 824 421 59.3 973 880 70.0 513 717 36.9 663 176 47.7
Oct* 805 572 55.2 936 235 64.2 493 762 33.9 624 424 42.8
Nov* 808 914 53.5 938 316 62.1 490 319 32.4 619 720 41.0
1/ The Federal governments, the Banco Central and state owned enterprises are included.
(+) deficit (-) surplus
Boletim do Banco Central do Brasil January 2003January 2003
142
IV.27 - Variation of the harmonized net fiscal debtFlows in 12 months
End- Public sector National government1/
of-
period R$ million % of GDP R$ million % of GDP
2001 Jan 40 577 3.69 17 913 1.63
Feb 37 476 3.38 15 746 1.42
Mar 35 612 3.21 13 358 1.22
Apr 34 722 3.10 11 879 1.08
May 33 331 2.96 7 314 0.68
Jun 32 288 2.86 6 510 0.59
Jul 32 729 2.85 5 238 0.45
Aug 35 945 3.11 8 890 0.78
Sep 35 195 3.04 8 435 0.75
Oct 35 335 3.01 7 292 0.62
Nov 40 172 3.40 11 258 0.95
Dec 42 788 3.54 17 302 1.39
2002 Jan 42 686 3.51 15 632 1.24
Feb 45 917 3.76 20 607 1.64
Mar 51 880 4.27 27 333 2.21
Apr 48 930 4.04 26 100 2.13
May 53 615 4.41 31 790 2.60
Jun 51 994 4.24 25 852 2.11
Jul 47 432 3.86 16 562 1.39
Aug 47 053 3.80 20 526 1.69
Sep* 47 087 3.79 12 347 1.11
Oct* 49 178 3.87 14 892 1.25
Nov* 50 734 3.91 11 328 0.96
1/ The Federal governments, the Banco Central and state owned enterprises are included.
(+) deficit (-) surplus
V - Balance of payments
Boletim do Banco Central do Brasil January 2003
144
V.1 - Balance of payments
US$ million
Itemization 1997 1998 1999 2000* 2001*
Trade balance (FOB) - 6 753 - 6 575 - 1 199 - 698 2 642
Exports 52 994 51 140 48 011 55 086 58 223
Imports 59 747 57 714 49 210 55 783 55 581
Services - 10 646 - 10 111 - 6 977 - 7 162 - 7 749
Credit 6 876 7 897 7 194 9 498 9 322
Debit 17 522 18 008 14 171 16 660 17 071
Income - 14 876 - 18 189 - 18 848 - 17 886 - 19 743
Credit 5 159 4 599 3 935 3 621 3 280
Debit 20 035 22 787 22 783 21 507 23 023
Unrequited current transfers 1 823 1 458 1 689 1 521 1 638
Credit 2 135 1 815 1 969 1 828 1 934
Debit 313 357 280 307 296
Current account - 30 452 - 33 416 - 25 335 - 24 225 - 23 213
Capital and financial account 25 800 29 702 17 319 19 326 27 925
Capital account1/ 393 320 338 273 - 36
Financial account 25 408 29 381 16 981 19 053 27 961
Direct investment 17 877 26 002 26 888 30 498 24 715
Abroad - 1 116 - 2 854 - 1 690 - 2 282 2 258
Equity capital - 1 116 - 2 854 - 1 110 - 1 755 1 752
Intercompany loans - - - 580 - 527 505
In Brazil 18 993 28 856 28 578 32 779 22 457
Equity capital 16 817 25 479 29 983 30 016 18 765
Intercompany loans 2 176 3 377 - 1 405 2 763 3 692
Portfolio investment 12 616 18 125 3 802 6 955 77
Assets 1 708 - 457 259 - 1 696 - 795
Equity securities - 361 20 - 864 - 1 953 - 1 121
Debt securities 2 069 - 477 1 123 258 326
Liabilities 10 908 18 582 3 542 8 651 872
Equity securities 6 871 995 2 572 3 076 2 481
Debt securities 4 037 17 587 971 5 575 - 1 609
Derivatives - 253 - 460 - 88 - 197 - 471
Assets 164 257 642 386 567
Liabilities - 416 - 717 - 730 - 583 - 1 038
Other investment2/ - 4 833 - 14 285 - 13 620 - 18 202 3 640
Assets - 1 987 - 11 392 - 4 397 - 2 989 - 6 586
Liabilities - 2 846 - 2 893 - 9 223 - 15 213 10 225
Errors and omissions - 3 255 - 4 256 194 2 637 - 1 405
Overall balance - 7 907 - 7 970 - 7 822 - 2 262 3 307
Memo:
Current account/GDP (%) - 3.77 - 4.24 - 4.77 - 4.08 - 4.61
Medium- and long-term amortizations3/ 25 275 29 790 42 440 31 977 35 151
(continues)
Boletim do Banco Central do Brasil January 2003
145
V.1 - Balance of payments
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Trade balance (FOB) 288 1 785 2 642 1 264 11 326
Exports 4 500 53 877 58 223 5 127 55 119
Imports 4 213 52 092 55 581 3 863 43 793
Services - 520 - 7 089 - 7 749 - 306 - 4 331
Credit 712 8 249 9 322 754 8 657
Debit 1 232 15 338 17 071 1 060 12 988
Income - 1 477 - 17 618 - 19 743 - 1 360 - 16 642
Credit 240 3 036 3 280 224 2 808
Debit 1 717 20 654 23 023 1 584 19 450
Unrequited current transfers 158 1 492 1 638 228 2 151
Credit 180 1 761 1 934 244 2 364
Debit 22 269 296 16 214
Current account - 1 552 - 21 430 - 23 213 - 174 - 7 497
Capital and financial account 1 946 27 244 27 925 - 842 7 116
Capital account1/ 21 265 - 36 37 403
Financial account 1 925 26 980 27 961 - 879 6 713
Direct investment 1 766 20 263 24 715 1 117 12 673
Abroad - 416 1 465 2 258 - 37 - 2 390
Equity capital - 324 1 739 1 752 - 32 - 2 333
Intercompany loans - 92 - 274 505 - 4 - 57
In Brazil 2 182 18 798 22 457 1 154 15 064
Equity capital 1 600 15 094 18 765 972 15 479
Intercompany loans 582 3 705 3 692 183 - 415
Portfolio investment - 1 444 1 003 77 - 140 - 4 564
Assets 40 - 769 - 795 66 - 349
Equity securities - 59 - 1 026 - 1 121 - 10 - 406
Debt securities 99 256 326 76 57
Liabilities - 1 484 1 772 872 - 205 - 4 216
Equity securities 87 2 545 2 481 241 1 235
Debt securities - 1 571 - 773 - 1 609 - 447 - 5 451
Derivatives - 18 - 397 - 471 - 7 - 335
Assets 29 545 567 30 835
Liabilities - 47 - 942 - 1 038 - 37 - 1 169
Other investment2/ 1 622 6 111 3 640 - 1 850 - 1 062
Assets 1 503 - 3 050 - 6 586 - 227 - 3 949
Liabilities 118 9 161 10 225 - 1 623 2 887
Errors and omissions - 392 - 1 419 - 1 405 778 - 732
Overall balance 2 4 395 3 307 - 238 - 1 112
Memo:
Current account/GDP (%) - - 4.56 - 4.55 - - 1.75
Medium- and long-term amortizations3/ 2 923 31 179 35 151 1 770 26 218
1/ Includes migrants transfers.2/ Includes trade credits, loans, currency and deposits, other assets and liabilities and IMF credit facilities.3/ Includes long-term trade credit repayments, long-term loan repayments, long-term issued abroad debt instrument redemptions (net of bond swaps and discounts). Excludes Monetary Authority loan repayments and intercompany loan repayments.
Boletim do Banco Central do Brasil January 2003
146
V.2 - Trade balance - FOB
US$ million
Period Exports Imports Balance
Monthly Accumulated 12 months Monthly Accumulated 12 months Monthly Accumulated 12 months
1987 - 26 224 26 224 - 15 051 15 051 - 11 173 11 173
1988 - 33 789 33 789 - 14 605 14 605 - 19 184 19 184
1989 - 34 383 34 383 - 18 263 18 263 - 16 119 16 119
1990 - 31 414 31 414 - 20 661 20 661 - 10 752 10 752
1991 - 31 620 31 620 - 21 040 21 040 - 10 580 10 580
1992 - 35 793 35 793 - 20 554 20 554 - 15 239 15 239
1993 - 38 555 38 555 - 25 256 25 256 - 13 299 13 299
1994 - 43 545 43 545 - 33 079 33 079 - 10 466 10 466
1995 - 46 506 46 506 - 49 972 49 972 - - 3 466 - 3 466
1996 - 47 747 47 747 - 53 346 53 346 - - 5 599 - 5 599
1997* - 52 994 52 994 - 59 747 59 747 - - 6 753 - 6 753
1998* - 51 140 51 140 - 57 714 57 714 - - 6 575 - 6 575
1999* - 48 011 48 011 - 49 210 49 210 - - 1 199 - 1 199
2000* - 55 086 55 086 - 55 783 55 783 - - 698 - 698
2001* Jan 4 538 4 538 56 171 5 016 5 016 57 231 - 478 - 478 - 1 060
Feb 4 083 8 621 56 130 4 005 9 021 57 188 78 - 400 - 1 058
Mar 5 167 13 788 56 826 5 447 14 469 58 185 - 280 - 680 - 1 359
Apr 4 730 18 518 57 374 4 609 19 078 58 799 120 - 560 - 1 425
May 5 367 23 885 57 678 5 157 24 235 59 256 210 - 350 - 1 578
Jun 5 042 28 927 57 860 4 763 28 998 59 414 279 - 71 - 1 554
Jul 4 964 33 892 57 821 4 858 33 856 59 385 107 36 - 1 564
Aug 5 727 39 619 58 030 5 099 38 955 59 062 628 664 - 1 032
Sep 4 755 44 374 58 061 4 160 43 115 58 175 595 1 259 - 115
Oct 5 003 49 377 58 426 4 754 47 869 57 764 248 1 508 662
Nov 4 500 53 877 58 535 4 214 52 083 56 955 286 1 794 1 581
Dec 4 346 58 223 58 223 3 491 55 574 55 574 855 2 649 2 649
2002* Jan 3 972 3 972 57 657 3 798 3 798 54 356 174 174 3 300
Feb 3 658 7 630 57 232 3 400 7 198 53 751 259 432 3 481
Mar 4 260 11 891 56 325 3 666 10 864 51 970 594 1 026 4 355
Apr 4 641 16 532 56 237 4 160 15 024 51 520 481 1 508 4 716
May 4 441 20 973 55 311 4 018 19 042 50 381 423 1 931 4 930
Jun 4 079 25 052 54 347 3 404 22 446 49 022 675 2 606 5 325
Jul 6 223 31 275 55 606 5 026 27 473 49 191 1 197 3 803 6 416
Aug 5 751 37 026 55 630 4 176 31 648 48 267 1 575 5 378 7 363
Sep 6 492 43 518 57 367 4 012 35 660 48 122 2 480 7 858 9 245
Oct 6 474 49 993 58 839 4 270 39 930 47 635 2 205 10 063 11 204
Nov 5 127 55 119 59 465 3 863 43 793 47 284 1 264 11 327 12 181
Source : MDIC/Secex
Boletim do Banco Central do Brasil January 2003
147
V.3 - Exports - FOB By aggregate factor and selected products
US$ million
Itemization 1996 1997 1998 1999* 2000*
Total 47 747 52 994 51 140 48 011 55 086
Primary products 11 900 14 475 12 977 11 828 12 562 Iron ore and concentrates 2 695 2 846 3 253 2 746 3 048 Oil-cake and other residues from soybeans 2 731 2 681 1 750 1 504 1 651 Coffee, not roasted 1 719 2 746 2 332 2 230 1 559 Meat and edible offal of chicken, fresh, chilled or frozen 840 876 739 875 806 Soybeans, including grinded 1 018 2 452 2 178 1 593 2 188 Tobacco, unmanufactured; tobacco refuse 1 029 1 091 940 884 813 Meat of bovine animals, fresh, chilled or frozen 194 196 277 444 503 Meat of swine, fresh, chilled or frozen 122 142 148 115 163 Cashew nuts 168 157 143 142 165 Aluminum ore and concentrates 130 120 122 116 113 Others 1 255 1 167 1 095 1 179 1 553
Semimanufactured products 8 615 8 480 8 120 7 982 8 499 Chemical wood pulp 998 1 023 1 049 1 243 1 601 Cane sugar, raw 1 191 1 045 1 096 1 162 761 Iron or nonalloy steel semifinished products 1 330 1 384 1 255 1 096 1 360 Hides and skins 659 726 657 595 756 Aluminum, unwrought 1 068 1 089 871 863 946 Wood, sawn or chipped lengthwise, over 6mm thick 345 411 410 497 520 Ferroalloys 481 492 430 408 456 Pig iron and spigeleisen 390 384 458 322 446 Gold, nonmonetary in semimanufactured forms 583 507 387 348 375 Soybean oil, crude 685 532 724 564 300 Others 886 886 784 883 977
Manufactured products 26 410 29 196 29 387 27 330 32 528 Airplanes 284 681 1 159 1 772 3 054 Footwear, parts and components 1 650 1 594 1 387 1 342 1 617 Passenger motor vehicles 619 1 463 1 619 1 139 1 768 Transmission and reception apparatus, and components 464 580 609 760 1 635 Parts and accessories for motor cars and tractors 1 306 1 400 1 429 1 229 1 206 Passenger motor vehicles engines and parts thereof 988 1 095 1 119 1 043 1 064 Orange juice 1 393 1 003 1 262 1 235 1 019 Iron or nonalloy steel flat-rolled products 1 411 1 011 999 796 859 Pumps, compressors, fans and others 706 730 728 679 725 Paper and paperboard used for writing, printing etc. 597 649 592 537 518 Cane sugar, refined 418 727 847 748 438 Pneumatic rubber tires 478 491 503 511 525 Motor vehicles for the transport of goods 558 895 1 018 626 696 Polymers of ethylene, propylene and styrene 265 333 301 302 447 Chassis fitted with engines and bodies for motor vehicles 257 378 359 216 365 Furniture and parts thereof, except for medical-surgical use 328 364 337 384 488 Electric motors, generators, transformers; parts thereof 361 340 334 311 377 Plywood and similar laminated wood 248 264 199 345 374 Civil engineering and contractors' plant and equipment 323 451 402 312 301 Cigarette containing tobacco 481 566 608 49 6 Others 13 276 14 180 13 575 12 994 15 048
Special operations1/ 822 844 656 872 1 497
(continues)
Boletim do Banco Central do Brasil January 2003
148
V.3 - Exports - FOB By aggregate factor and selected products
(concluded) US$ million
Itemization 2001* 2002*
Oct Jan-Oct Year Oct Jan-Oct
Total 5 003 49 377 58 223 6 474 49 993
Primary products 1 361 13 254 15 342 1 913 14 325 Iron ore and concentrates 277 2 522 2 932 262 2 553 Oil-cake and other residues from soybeans 217 1 738 2 065 304 1 851 Coffee, not roasted 111 1 017 1 208 135 931 Meat and edible offal of chicken, fresh, chilled or frozen 116 1 079 1 292 141 1 127 Soybeans, including grinded 157 2 648 2 726 353 2 812 Tobacco, unmanufactured; tobacco refuse 58 834 921 84 846 Meat of bovine animals, fresh, chilled or frozen 84 606 739 83 620 Meat of swine, fresh, chilled or frozen 35 289 346 53 394 Cashew nuts 10 94 112 10 86 Aluminum ore and concentrates 14 83 99 7 78 Others 281 2 345 2 903 481 3 027
Semimanufactured products 783 6 868 8 243 1 077 7 322 Chemical wood pulp 104 1 071 1 246 159 947 Cane sugar, raw 170 1 143 1 401 158 878 Iron or nonalloy steel semifinished products 108 835 1 081 176 1 138 Hides and skins 85 725 872 99 767 Aluminum, unwrought 48 612 676 62 687 Wood, sawn or chipped lengthwise, over 6mm thick 51 444 532 51 466 Ferroalloys 30 331 390 37 353 Pig iron and spigeleisen 41 350 428 84 389 Gold, nonmonetary in semimanufactured forms 38 285 336 39 292 Soybean oil, crude 35 345 415 130 590 Others 72 727 867 83 815
Manufactured products 2 776 27 670 32 901 3 374 27 070 Airplanes 164 2 406 2 839 257 1 857 Footwear, parts and components 140 1 445 1 684 124 1 283 Passenger motor vehicles 178 1 675 1 951 229 1 611 Transmission and reception apparatus, and components 166 1 403 1 762 176 1 494 Parts and accessories for motor cars and tractors 101 1 001 1 172 106 967 Passenger motor vehicles engines and parts thereof 99 914 1 112 131 1 116 Orange juice 75 673 813 93 722 Iron or nonalloy steel flat-rolled products 41 509 602 109 608 Pumps, compressors, fans and others 51 554 648 58 582 Paper and paperboard used for writing, printing etc. 44 451 521 35 376 Cane sugar, refined 122 702 878 111 840 Pneumatic rubber tires 42 398 468 49 406 Motor vehicles for the transport of goods 38 420 484 36 347 Polymers of ethylene, propylene and styrene 31 299 343 25 266 Chassis fitted with engines and bodies for motor vehicles 38 320 411 63 300 Furniture and parts thereof, except for medical-surgical use 48 403 483 53 439 Electric motors, generators, transformers; parts thereof 41 371 458 38 353 Plywood and similar laminated wood 33 299 360 46 354 Civil engineering and contractors' plant and equipment 34 274 344 40 287 Cigarette containing tobacco 0 2 3 1 7 Others 1 290 13 153 15 566 1 593 12 854
Special operations1/ 83 1 585 1 736 111 1 275
Source: MDIC/Secex
1/ Including special transactions, on-board consumption and reexports.
Boletim do Banco Central do Brasil January 2003
149
V.4 - Imports - FOB By end-use category and selected products
US$ million
Itemization 1996 1997* 1998* 1999* 2000*
Total 53 346 59 747 57 714 49 210 55 783
Capital goods 12 918 16 098 16 093 13 555 13 591
Industrial machinery 4 871 6 041 5 581 4 813 3 923
Other fixed equipments 1 846 2 628 2 661 2 511 2 878
Machines and apparatuses for offices, scientific services 2 736 2 831 2 811 2 282 2 624
Parts for industrial capital goods 1 067 1 345 1 491 1 375 1 531
Moving equipment for transportation 929 1 719 1 911 1 321 1 261
Accessories for industrial machinery 1 028 1 014 1 004 843 947
Tools 283 291 282 188 211
Fixed equipment for transportation 59 75 135 72 131
Machines and tools 62 104 153 90 39
Capital goods - sundry 38 52 66 59 45
Consumer goods 9 785 11 185 10 742 7 400 7 435
Non-durable consumer goods 5 199 5 533 5 508 4 218 3 990
Foodstuffs 2 484 2 463 2 514 1 656 1 507
Pharmaceutical products 663 816 996 1 189 1 124
Beauty products 180 233 260 228 239
Apparel and other textil clothing 389 481 381 230 217
Beverage and tobacco 281 318 289 173 161
Non-durables - sundry 1 203 1 223 1 068 743 742
Durable consumer goods 4 586 5 652 5 234 3 182 3 445
Passenger vehicles 1 589 2 444 2 677 1 214 1 211
Articles of adornment - personal use and others 825 848 782 655 696
Machines and apparatuses for domestic use 560 926 681 424 550
Durable consumer goods parts and spares 1 053 820 554 505 503
Furniture and other house equipments 215 244 252 162 182
Household appliances 143 114 96 71 80
Durables - sundry 202 257 193 152 223
Fuels and lubricants 5 929 5 597 4 109 4 257 6 362
Intermediate products and raw materials 24 714 26 867 26 770 23 998 28 396
Chemical and pharmaceutical products 7 446 7 818 7 684 7 252 7 848
Intermediate products - parts and spares 3 182 3 678 3 563 3 408 4 881
Mineral products 3 589 4 327 3 945 3 729 4 943
Accessories for transportation equipment 2 995 3 649 3 869 3 623 4 026
Inedible farm products 3 055 3 056 2 756 2 123 2 401
Foodstuffs 2 621 2 000 2 286 1 735 1 638
Other raw materials for farming 1 042 1 223 1 322 1 231 1 617
Building materials 422 654 756 436 395
Transportation equipment - parts and spares 144 178 252 262 309
Animal feed 160 231 288 155 283
Intermediate products and raw material - sundry 57 53 49 44 55
(continues)
Boletim do Banco Central do Brasil January 2003
150
V.4 - Imports - FOB By end-use category and selected products
(concluded) US$ million
Itemization 2001* 2002*
Oct Jan-Oct Year Oct Jan-Oct
Total 4 757 47 868 55 573 4 270 39 930
Capital goods 1 272 12 568 14 807 873 10 002
Industrial machinery 444 3 894 4 862 291 3 821
Other fixed equipments 236 2 836 3 147 173 1 595
Machines and apparatuses for offices, scientific services 250 2 330 2 806 177 1 911
Parts for industrial capital goods 146 1 500 1 675 99 1 035
Moving equipment for transportation 67 728 837 31 524
Accessories for industrial machinery 89 872 1 017 74 841
Tools 18 203 231 13 143
Fixed equipment for transportation 15 130 146 7 69
Machines and tools 1 35 38 2 14
Capital goods - sundry 6 39 48 7 50
Consumer goods 601 6 124 7 147 548 4 950
Non-durable consumer goods 330 3 043 3 631 307 2 842
Foodstuffs 94 988 1 169 80 907
Pharmaceutical products 109 971 1 185 111 1 019
Beauty products 24 190 226 16 155
Apparel and other textil clothing 16 178 204 14 116
Beverage and tobacco 22 149 180 15 131
Non-durables - sundry 65 568 667 70 513
Durable consumer goods 271 3 081 3 516 240 2 109
Passenger vehicles 94 1 268 1 405 65 623
Articles of adornment - personal use and others 65 600 713 64 567
Machines and apparatuses for domestic use 34 408 465 42 344
Durable consumer goods parts and spares 27 386 425 37 274
Furniture and other house equipments 30 209 243 14 131
Household appliances 8 70 86 5 56
Durables - sundry 13 142 179 12 113
Fuels and lubricants 651 5 338 6 276 705 5 174
Intermediate products and raw materials 2 234 23 838 27 343 2 144 19 803
Chemical and pharmaceutical products 661 6 860 7 952 654 6 227
Intermediate products - parts and spares 353 4 118 4 654 339 3 212
Mineral products 328 3 947 4 438 238 2 492
Accessories for transportation equipment 307 3 727 4 229 329 3 049
Inedible farm products 149 1 658 1 894 137 1 375
Foodstuffs 136 1 359 1 599 129 1 401
Other raw materials for farming 207 1 325 1 606 244 1 358
Building materials 35 365 428 34 356
Transportation equipment - parts and spares 37 290 324 19 147
Animal feed 14 143 167 19 144
Intermediate products and raw material - sundry 6 46 54 3 42
Source: MDIC/Secex
Boletim do Banco Central do Brasil January 2003
151
V.5 - Trade by area - FOB
US$ million
Itemization 1996 1997* 1998* 1999*
Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance
Total 47 747 53 346 - 5 599 52 994 59 747 - 6 753 51 140 57 714 - 6 575 48 011 49 210 - 1 199
Efta1/ 503 1 041 - 538 378 1 120 - 742 360 1 150 - 789 389 966 - 577
Africa2/ 1 527 1 690 - 163 1 520 1 995 - 475 1 651 1 819 - 168 1 336 2 222 - 886
Laia 10 928 11 641 - 713 13 602 13 022 579 13 327 12 363 964 10 560 9 450 1 110 Mercosur 7 305 8 302 - 996 9 047 9 426 - 380 8 878 9 428 - 549 6 778 6 719 59
Argentina 5 170 6 805 - 1 635 6 770 7 941 - 1 171 6 748 8 034 - 1 286 5 364 5 812 - 448
Paraguay 1 325 552 772 1 407 518 889 1 249 351 898 744 260 484 Uruguay 811 944 - 133 870 967 - 97 881 1 042 - 162 670 647 23
Chile 1 055 920 135 1 197 974 223 1 024 817 208 896 714 182 Mexico 679 961 - 281 828 1 173 - 344 1 002 983 19 1 068 618 451
Others3/ 1 888 1 458 430 2 530 1 450 1 080 2 422 1 136 1 286 1 818 1 400 419
Asia2/ 7 814 7 638 175 7 730 9 040 - 1 310 5 616 7 881 - 2 266 5 732 6 475 - 743
China 1 114 1 133 - 19 1 088 1 166 - 78 905 1 034 - 129 676 865 - 189
Korea, Republic of 838 1 165 - 327 737 1 355 - 618 467 988 - 521 628 1 019 - 391 Japan 3 047 2 784 263 3 068 3 534 - 466 2 205 3 274 - 1 069 2 193 2 576 - 383
Others 2 814 2 556 258 2 837 2 984 - 147 2 039 2 585 - 546 2 236 2 016 220Canada 506 1 262 - 756 584 1 416 - 833 544 1 338 - 794 513 972 - 459
USA4/ 9 312 11 964 - 2 653 9 408 13 901 - 4 494 9 872 13 688 - 3 816 10 849 11 869 - 1 020
Eastern Europe5/ 1 056 979 77 1 314 838 475 1 163 810 353 1 175 704 471
Middle East 1 345 2 207 - 863 1 455 1 925 - 470 1 614 1 245 369 1 496 1 078 419
European Union 12 836 14 242 - 1 406 14 514 15 874 - 1 359 14 748 16 833 - 2 085 13 736 14 987 - 1 251 Germany 2 083 4 861 - 2 779 2 608 4 958 - 2 350 3 006 5 236 - 2 230 2 544 4 713 - 2 169
Belgium-Luxembourg 1 432 554 878 1 483 638 845 2 195 718 1 477 1 817 493 1 324
Spain6/ 937 908 29 1 057 1 141 - 84 1 056 1 195 - 139 1 169 1 179 - 10
France7/ 912 1 350 - 438 1 113 1 640 - 527 1 231 1 977 - 746 1 200 1 991 - 792
Italy8/ 1 531 2 910 - 1 379 1 709 3 400 - 1 691 1 931 3 222 - 1 291 1 845 2 600 - 755
Netherlands 3 549 587 2 962 3 998 576 3 422 2 745 697 2 048 2 594 594 2 000
United Kingdom 1 324 1 260 64 1 259 1 451 - 192 1 339 1 487 - 148 1 437 1 222 215
Others9/ 1 069 1 811 - 743 1 286 2 069 - 783 1 245 2 302 - 1 057 1 129 2 195 - 1 066
Others 1 921 681 1 239 2 491 615 1 875 2 245 587 1 658 2 224 486 1 738
Memo:
Opec10/ 2 059 3 916 - 1 857 2 479 4 048 - 1 569 2 549 3 118 - 569 2 269 3 743 - 1 474
(continues)
Boletim do Banco Central do Brasil January 2003
152
V.5 - Trade by area - FOB
(concluded) US$ million
Itemization 2000* 2001* 2001* 2002*
Jan-Oct Jan-Oct
Exports Imports Balance Exports Imports Balance Exports Imports Balance Exports Imports Balance
Total 55 086 55 783 - 698 58 223 55 573 2 649 49 377 47 868 1 509 49 993 39 930 10 063
Efta1/ 756 1 039 - 284 629 1 227 - 598 580 998 - 418 532 938 - 406
Africa2/ 1 347 2 908 - 1 561 1 988 3 331 - 1 342 1 614 2 946 - 1 331 1 908 2 109 - 201
Laia 12 902 11 660 1 242 12 225 10 005 2 220 10 429 8 644 1 785 8 088 6 933 1 154 Mercosur 7 733 7 796 - 63 6 364 7 009 - 645 5 594 6 051 - 457 2 688 4 697 - 2 009
Argentina 6 233 6 843 - 611 5 002 6 206 - 1 203 4 432 5 383 - 951 1 871 3 981 - 2 110 Paraguay 832 351 481 720 300 420 619 242 377 481 319 161
Uruguay 669 602 67 641 503 138 543 426 117 337 397 - 60
Chile 1 246 974 272 1 352 849 503 1 129 738 392 1 174 546 628 Mexico 1 711 754 958 1 868 695 1 173 1 515 602 913 1 923 490 1 434
Others3/ 2 211 2 135 76 2 641 1 451 1 189 2 191 1 254 937 2 303 1 201 1 101
Asia2/ 6 324 8 593 - 2 269 6 949 8 929 - 1 979 5 908 7 701 - 1 793 7 380 6 827 553
China 1 085 1 222 - 137 1 902 1 328 574 1 682 1 109 572 2 126 1 284 842 Korea, Republic of 581 1 429 - 849 736 1 574 - 838 597 1 402 - 805 724 936 - 212
Japan 2 472 2 960 - 487 1 986 3 064 - 1 077 1 688 2 658 - 970 1 779 2 016 - 237 Others 2 186 2 982 - 796 2 325 2 962 - 638 1 942 2 532 - 591 2 751 2 591 160
Canada 566 1 086 - 520 555 927 - 371 466 820 - 354 653 640 13
USA4/ 13 366 13 002 364 14 378 13 042 1 336 11 969 11 200 770 12 893 8 964 3 929
Eastern Europe5/ 972 1 162 - 189 1 699 1 113 587 1 424 960 464 1 442 743 699
Middle East 1 338 1 560 - 222 2 041 1 472 569 1 658 1 241 417 1 921 1 186 735European Union 14 784 14 048 736 14 865 14 819 47 12 843 12 744 99 12 539 11 092 1 447
Germany 2 526 4 421 - 1 895 2 502 4 812 - 2 310 2 177 4 098 - 1 921 2 054 3 695 - 1 640 Belgium-Luxembourg 1 867 570 1 297 1 812 581 1 231 1 553 516 1 037 1 569 469 1 100
Spain6/ 1 008 1 113 - 105 1 042 1 225 - 183 925 1 080 - 155 952 829 122
France7/ 1 732 1 887 - 155 1 648 2 084 - 436 1 429 1 786 - 356 1 238 1 507 - 268
Italy8/ 2 146 2 170 - 25 1 809 2 184 - 375 1 562 1 920 - 358 1 517 1 503 15
Netherlands 2 796 698 2 098 2 863 533 2 330 2 463 445 2 018 2 661 439 2 222 United Kingdom 1 498 1 233 266 1 705 1 235 470 1 435 1 050 385 1 467 1 140 327
Others9/ 1 211 1 956 - 746 1 484 2 165 - 680 1 299 1 850 - 551 1 080 1 510 - 430Others 2 731 726 2 005 2 892 709 2 183 2 486 616 1 870 2 637 499 2 139
Memo:
Opec10/ 2 324 4 986 - 2 662 3 354 4 463 - 1 109 2 738 3 909 - 1 171 2 907 3 315 - 408
Source: MDIC/Secex
1/ Includes Iceland, Norway and Switzerland (includes Liechtenstein).2/ Excludes Middle East countries.3/ Includes Bolivia, Colombia, Ecuador, Peru and Venezuela.
4/ Includes Puerto Rico.
5/ Albania, Bulgaria, Hungary, Poland, Slovak Republic, Czech Republic, Romania and countries from the former USSR.
6/ Includes Canary Islands.
7/ Includes Monaco (Principality of).8/ Includes San Marino (Republic of).
9/ Austria, Denmark, Finland, Greece, Ireland, Portugal and Sweden.
10/ Saudi Arabia, Algeria, Qatar, Kuwait, United Arab Emirates, Iran (Islamic Rep.), Iraq, Indonesia, Libya, Niger and Venezuela.
Note: Imports according to the country of origin, and not from the country of acquisition of the product.
Boletim do Banco Central do Brasil January 2003
153
V.6 - Services
US$ million
Itemization 1997 1998 1999 2000* 2001*
Total - 10 646 - 10 111 - 6 977 - 7 162 - 7 749
Credit 6 876 7 897 7 194 9 498 9 322
Debit 17 522 18 008 14 171 16 660 17 071
Transportation - 3 162 - 3 261 - 3 071 - 2 896 - 2 956
Credit 1 751 1 456 1 141 1 409 1 422
Debit 4 912 4 717 4 212 4 305 4 378
Travel - 4 377 - 4 146 - 1 457 - 2 084 - 1 468
Credit 1 069 1 586 1 628 1 810 1 731
Debit 5 446 5 732 3 085 3 894 3 199
Communication 9 81 14 4 29
Credit 45 159 30 36 242 Debit 35 79 16 32 213 Construction 10 52 16 227 17
Credit 16 59 16 228 18
Debit 6 7 - - -
Insurance 74 81 - 128 - 4 - 275
Credit 412 390 165 312 180
Debit 338 309 293 317 455
Financial - 885 - 527 - 269 - 294 - 307
Credit 318 333 305 376 317
Debit 1 203 859 574 670 624 Computer and information - 589 - 789 - 1 010 - 1 111 - 1 106 Credit 9 12 15 34 27
Debit 598 801 1 026 1 145 1 133
Royalties and license fees - 848 - 1 329 - 1 150 - 1 289 - 1 132
Credit 102 150 133 125 112
Debit 950 1 479 1 283 1 415 1 244
Merchanting and trade-related - 160 - 31 251 194 - 23
Credit 324 408 626 589 413
Debit 485 439 375 395 436
Operational leasing - 1 048 - 634 - 599 - 1 311 - 1 867
Credit 21 14 6 91 278
Debit 1 069 648 605 1 401 2 146
Misc. business, professional and technical 886 1 071 1 259 2 251 2 300
Credit 2 286 2 748 2 771 3 888 3 921
Debit 1 400 1 676 1 512 1 637 1 622
Personal, cultural and recreational - 206 - 292 - 335 - 300 - 307
Credit 23 36 39 63 58
Debit 229 328 374 363 365
Government services - 350 - 385 - 498 - 549 - 652
Credit 501 548 318 537 604
Debit 851 933 816 1 087 1 256
(continues)
Boletim do Banco Central do Brasil January 2003
154
V.6 - Services
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Total - 520 - 7 089 - 7 749 - 306 - 4 331
Credit 712 8 249 9 322 754 8 657
Debit 1 232 15 338 17 071 1 060 12 988
Transportation - 222 - 2 778 - 2 956 - 177 - 1 771
Credit 107 1 314 1 422 120 1 434
Debit 329 4 092 4 378 298 3 204
Travel - 47 - 1 352 - 1 468 61 - 448
Credit 136 1 586 1 731 188 1 793
Debit 183 2 939 3 199 127 2 242
Communication - 0 38 29 - 12
Credit - 242 242 1 133 Debit 1 203 213 1 121 Construction - 17 17 1 10
Credit - 17 18 1 11
Debit - - - - -
Insurance - 37 - 234 - 275 - 46 - 366
Credit 5 150 180 8 199
Debit 41 384 455 54 565
Financial - 31 - 272 - 307 8 - 218
Credit 27 288 317 35 330
Debit 57 561 624 28 548 Computer and information - 88 - 993 - 1 106 - 71 - 985 Credit 2 25 27 2 36
Debit 90 1 018 1 133 73 1 020
Royalties and license fees - 77 - 1 007 - 1 132 - 66 - 998
Credit 7 100 112 9 90
Debit 84 1 107 1 244 75 1 087
Merchanting and trade-related 6 - 32 - 23 - 12 - 21
Credit 41 360 413 26 365
Debit 35 391 436 38 386
Operational leasing - 145 - 1 844 - 1 867 - 102 - 1 385
Credit 0 67 278 1 49
Debit 146 1 911 2 146 104 1 433
Misc. business, professional and technical 203 2 074 2 300 183 2 290
Credit 331 3 509 3 921 298 3 530
Debit 128 1 435 1 622 115 1 240
Personal, cultural and recreational - 19 - 275 - 307 - 16 - 224
Credit 7 53 58 4 54
Debit 26 328 365 20 277
Government services - 62 - 431 - 652 - 69 - 228
Credit 49 539 604 59 634
Debit 111 969 1 256 127 862
Boletim do Banco Central do Brasil January 2003
155
V.7 - Income
US$ million
Itemization 1997 1998 1999 2000* 2001*
Balance on income - 14 876 - 18 189 - 18 848 - 17 886 - 19 743
Credit 5 159 4 599 3 935 3 621 3 280
Debit 20 035 22 787 22 783 21 507 23 023
Compensation of employees 50 103 142 79 95
Credit 253 282 310 237 270
Debit 203 179 168 158 175
Investment income - 14 926 - 18 292 - 18 990 - 17 965 - 19 838
Credit 4 906 4 316 3 625 3 383 3 009
Debit 19 832 22 608 22 615 21 348 22 847
Direct investment income - 4 581 - 5 585 - 3 664 - 3 239 - 4 638
Credit 889 444 1 487 999 367
Debit 5 470 6 029 5 151 4 238 5 005
Income on equity (profits and dividends) - 3 996 - 4 797 - 2 832 - 2 173 - 3 438
Credit 862 421 1 389 932 264
Debit 4 858 5 217 4 221 3 105 3 702
Income on intercompany loans (interest) - 586 - 788 - 832 - 1 066 - 1 201
Credit 27 24 97 67 103
Debit 612 812 929 1 133 1 303
Paid in cash 604 799 821 1 092 1 092
Converted to FDI 8 13 108 42 211
Portfolio investment income - 5 635 - 6 950 - 7 710 - 8 545 - 9 621
Credit 1 597 1 497 773 859 1 463
Debit 7 232 8 447 8 483 9 404 11 084
Income on equity (profits and dividends) - 1 447 - 2 059 - 1 283 - 1 143 - 1 523
Credit 27 11 11 5 1
Debit 1 474 2 070 1 294 1 148 1 524
Income on debt securities (interest) - 4 188 - 4 891 - 6 427 - 7 402 - 8 097
Credit 1 570 1 486 762 854 1 462
Debit 5 758 6 377 7 189 8 256 9 560
Other investment income1/ - 4 710 - 5 758 - 7 617 - 6 181 - 5 579
Credit 2 420 2 374 1 365 1 525 1 179
Debit 7 129 8 132 8 982 7 707 6 758
Memo:
Interests - 9 483 - 11 437 - 14 876 - 14 649 - 14 877
Credit 4 017 3 884 2 224 2 447 2 744
Debit 13 500 15 321 17 100 17 096 17 621
Profits and dividends - 5 443 - 6 855 - 4 115 - 3 316 - 4 961
Credit 889 432 1 400 937 265
Debit 6 332 7 287 5 515 4 253 5 226
(continues)
Boletim do Banco Central do Brasil January 2003
156
V.7 - Income
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Balance on income - 1 477 - 17 618 - 19 743 - 1 360 - 16 642
Credit 240 3 036 3 280 224 2 808
Debit 1 717 20 654 23 023 1 584 19 450
Compensation of employees 8 99 95 12 96
Credit 19 251 270 24 270
Debit 11 152 175 12 174
Investment income - 1 485 - 17 717 - 19 838 - 1 371 - 16 738
Credit 221 2 785 3 009 200 2 538
Debit 1 706 20 502 22 847 1 571 19 276
Direct investment income - 439 - 3 923 - 4 638 - 440 - 4 654
Credit 74 306 367 56 688
Debit 513 4 229 5 005 495 5 342
Income on equity (profits and dividends) - 388 - 2 884 - 3 438 - 403 - 3 846
Credit 67 224 264 48 585
Debit 455 3 108 3 702 450 4 431
Income on intercompany loans (interest) - 51 - 1 039 - 1 201 - 37 - 809
Credit 7 82 103 8 103
Debit 58 1 121 1 303 45 912
Paid in cash 55 956 1 092 40 698
Converted to FDI 3 165 211 4 214
Portfolio investment income - 566 - 8 817 - 9 621 - 479 - 7 780
Credit 106 1 351 1 463 113 1 230
Debit 672 10 168 11 084 592 9 010
Income on equity (profits and dividends) - 58 - 1 284 - 1 523 - 16 - 969
Credit - 1 1 - 1
Debit 58 1 285 1 524 16 969
Income on debt securities (interest) - 508 - 7 533 - 8 097 - 463 - 6 811
Credit 106 1 350 1 462 113 1 230
Debit 614 8 883 9 560 576 8 041
Other investment income1/ - 480 - 4 976 - 5 579 - 453 - 4 304
Credit 41 1 128 1 179 31 620
Debit 521 6 104 6 758 484 4 924
Memo:
Interests - 1 039 - 13 548 - 14 877 - 953 - 11 924
Credit 153 2 560 2 744 152 1 952
Debit 1 192 16 108 17 621 1 105 13 876
Profits and dividends - 446 - 4 168 - 4 961 - 419 - 4 814
Credit 67 225 265 48 586
Debit 514 4 393 5 226 467 5 400
1/ Includes interests on trade credits, loans, deposits and other assets and liabilities.
Boletim do Banco Central do Brasil January 2003
157
V.8 - Unrequited current transfers
US$ million
Itemization 1997 1998 1999 2000* 2001*
Total 1 823 1 458 1 689 1 521 1 638
Credit 2 135 1 815 1 969 1 828 1 934
Debit 313 357 280 307 296
General government transfers - 30 - 16 - 39 - 31 9
Credit 43 84 42 42 73
Debit 74 100 81 74 64
Other sectors transfers 1 853 1 474 1 728 1 552 1 629
Credit 2 092 1 732 1 927 1 785 1 860
Debit 239 257 199 233 232
Workers' remittances 1 176 805 1 052 932 1 009
Credit 1 333 987 1 191 1 112 1 178
United States 477 432 538 664 555
Japan 518 379 476 294 444
Remaining countries 339 176 178 154 180
Debit 157 182 139 180 169
Other transfers 677 669 676 620 620
Credit 759 744 736 673 682
Debit 82 75 60 53 62
(continues)
Boletim do Banco Central do Brasil January 2003
158
V.8 - Unrequited current transfers
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Total 158 1 492 1 638 228 2 151
Credit 180 1 761 1 934 244 2 364
Debit 22 269 296 16 214
General government transfers 16 - 2 9 - 1 - 8
Credit 20 58 73 4 43
Debit 5 59 64 6 51
Other sectors transfers 142 1 494 1 629 229 2 158
Credit 159 1 704 1 860 240 2 321
Debit 17 210 232 11 163
Workers' remittances 86 932 1 009 178 1 403
Credit 100 1 083 1 178 186 1 530
United States 47 510 555 108 796
Japan 37 411 444 48 486
Remaining countries 16 163 180 30 248
Debit 14 151 169 8 127
Other transfers 57 562 620 51 755
Credit 60 621 682 54 791
Debit 3 58 62 3 36
Boletim do Banco Central do Brasil January 2003
159
V.9 - Direct investment
US$ million
Itemization 1997 1998 1999 2000* 2001*
Total direct investment 17 877 26 002 26 888 30 498 24 715
Credit 22 280 35 153 36 968 41 243 35 123
Debit 4 403 9 152 10 080 10 745 10 408
Abroad - 1 116 - 2 854 - 1 690 - 2 282 2 258
Credit 199 171 713 953 5 106
Debit 1 315 3 025 2 404 3 234 2 849
Equity capital - 1 116 - 2 854 - 1 110 - 1 755 1 752
Credit 199 171 388 840 4 236
Debit 1 315 3 025 1 498 2 595 2 483
Intercompany loans ... ... - 580 - 527 505
Credit ... ... 325 112 871
Debit ... ... 905 639 365
Loans from headquarters in Brazil to affiliates abroad ... ... - 385 - 547 - 268
Credit ... ... 254 64 93
Debit ... ... 638 611 360
Loans from affiliates abroad to headquarters in Brazil ... ... - 195 20 773
Credit ... ... 71 48 778
Debit ... ... 267 28 5
Foreign direct investment in Brazil 18 993 28 856 28 578 32 779 22 457
Credit 22 081 34 982 36 254 40 290 30 017
Debit 3 088 6 127 7 676 7 511 7 559
Equity capital 16 817 25 479 29 983 30 016 18 765
Credit 18 761 28 480 31 372 33 403 21 093
Currency 17 897 26 346 26 947 31 610 16 817
Autonomous 12 648 20 226 18 162 24 934 15 738
Privatization related 5 249 6 121 8 786 6 677 1 079
Conversions 663 1 932 4 298 1 710 4 215
Autonomous 663 1 932 4 298 1 336 4 215
Privatization related - - - 374 -
Merchandise 50 78 127 83 61
Reinvested earnings 151 124 ... ... ...
Debit 1 944 3 002 1 389 3 387 2 328
Intercompany loans 2 176 3 377 - 1 405 2 763 3 692
Credit 3 320 6 502 4 882 6 888 8 924
Debit 1 144 3 125 6 287 4 125 5 232
Loans from headquarters abroad to affiliates in Brazil 2 176 3 377 - 1 402 2 959 3 688
Credit 3 320 6 502 4 846 6 777 8 911
Debit 1 144 3 125 6 248 3 819 5 223
Paid in cash 489 1 206 2 059 2 272 4 134
Converted to FDI equity capital 655 1 919 4 189 1 547 1 089
Loans from affiliates in Brazil to headquarters abroad ... ... - 3 - 196 4
Credit ... ... 36 110 13
Debit ... ... 39 306 9
(continues)
Boletim do Banco Central do Brasil January 2003
160
V.9 - Direct investment
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Total direct investment 1 766 20 263 24 715 1 117 12 673
Credit 2 919 29 422 35 123 1 712 23 946
Debit 1 153 9 158 10 408 595 11 272
Abroad - 416 1 465 2 258 - 37 - 2 390
Credit 320 4 190 5 106 34 485
Debit 737 2 725 2 849 71 2 875
Equity capital - 324 1 739 1 752 - 32 - 2 333
Credit 309 4 118 4 236 34 321
Debit 633 2 378 2 483 66 2 654
Intercompany loans - 92 - 274 505 - 4 - 57
Credit 11 72 871 - 164
Debit 104 347 365 4 222
Loans from headquarters in Brazil to affiliates abroad - 95 - 282 - 268 - 4 - 56
Credit 9 60 93 - 161
Debit 103 342 360 4 217
Loans from affiliates abroad to headquarters in Brazil 2 7 773 0 - 2
Credit 2 12 778 0 3
Debit - 4 5 - 5
Foreign direct investment in Brazil 2 182 18 798 22 457 1 154 15 064
Credit 2 598 25 232 30 017 1 678 23 461
Debit 416 6 433 7 559 524 8 397
Equity capital 1 600 15 094 18 765 972 15 479
Credit 1 674 17 187 21 093 1 039 16 858
Currency 1 497 14 888 16 817 596 9 319
Autonomous 1 497 13 809 15 738 596 9 039
Privatization related - 1 079 1 079 - 280
Conversions 175 2 269 4 215 391 7 464
Autonomous 175 2 269 4 215 391 7 464
Privatization related - - - - -
Merchandise 2 30 61 52 76
Reinvested earnings ... ... ... ... ...
Debit 75 2 094 2 328 67 1 380
Intercompany loans 582 3 705 3 692 183 - 415
Credit 924 8 044 8 924 639 6 603
Debit 342 4 340 5 232 457 7 018
Loans from headquarters abroad to affiliates in Brazil 583 3 700 3 688 183 - 417
Credit 924 8 031 8 911 639 6 598
Debit 341 4 332 5 223 457 7 015
Paid in cash 310 3 391 4 134 300 5 032
Converted to FDI equity capital 31 941 1 089 157 1 983
Loans from affiliates in Brazil to headquarters abroad - 5 4 - 2
Credit - 13 13 - 5
Debit - 8 9 - 3
Boletim do Banco Central do Brasil January 2003
161
V.10 - Portfolio investment - assets
US$ million
Itemization 1997 1998 1999 2000* 2001*
Total 1 708 - 457 259 - 1 696 - 795
Credit 2 770 2 089 4 220 2 888 1 626
Debit 1 062 2 546 3 961 4 583 2 421
Equity securities - 361 20 - 864 - 1 953 - 1 121
Credit 27 94 371 1 970 170
Debit 388 74 1 235 3 923 1 291
Brazilian Depositary Receipts (BDR) - 72 6 - 945 150
Credit - 72 7 1 669 153
Debit 1 - 1 2 614 3
Other equities - 360 - 52 - 871 - 1 008 - 1 271
Credit 27 21 364 301 17
Debit 387 74 1 234 1 309 1 288
Debt securities 2 069 - 477 1 123 258 326
Credit 2 743 1 996 3 849 918 1 456
Debit 674 2 473 2 725 660 1 130
Bonds and notes 2 069 - 477 1 123 258 326
Credit 2 743 1 996 3 849 918 1 456
Colateral release 2 146 60 423 245 326
Other 598 1 935 3 425 673 1 130
Debit 674 2 473 2 725 660 1 130
(continues)
Boletim do Banco Central do Brasil January 2003
162
V.10 - Portfolio investment - assets
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Total 40 - 769 - 795 66 - 349
Credit 166 1 460 1 626 112 947
Debit 126 2 229 2 421 47 1 296
Equity securities - 59 - 1 026 - 1 121 - 10 - 406
Credit 14 166 170 10 289
Debit 73 1 192 1 291 20 695
Brazilian Depositary Receipts (BDR) 13 147 150 4 85
Credit 13 150 153 5 91
Debit - 3 3 1 6
Other equities - 73 - 1 172 - 1 271 - 14 - 491
Credit - 16 17 5 199
Debit 73 1 189 1 288 19 689
Debt securities 99 256 326 76 57
Credit 152 1 294 1 456 102 658
Debit 53 1 038 1 130 27 600
Bonds and notes 99 256 326 76 57
Credit 152 1 294 1 456 102 658
Colateral release - 326 326 - -
Other 152 967 1 130 102 658
Debit 53 1 038 1 130 27 600
Boletim do Banco Central do Brasil January 2003
163
V.11 - Portfolio investment - liabilities
US$ million
Itemization 1997 1998 1999 2000* 2001*
Total 8 776 18 582 3 542 8 651 872
Credit 60 183 59 740 38 875 38 816 29 497
Debit 51 407 41 158 35 332 30 165 28 625
Equity securities 6 871 995 2 572 3 076 2 481
Credit 39 017 27 786 15 533 18 346 10 494
Debit 32 146 26 791 12 962 15 270 8 013
Issued in the country 2 636 - 2 785 1 490 - 3 262 - 545
Credit 31 298 21 989 12 580 10 425 7 015
Debit 28 662 24 774 11 090 13 687 7 560
Issued abroad (Annex V - ADR) 4 234 3 780 1 081 6 338 3 026
Credit 7 719 5 797 2 953 7 921 3 478
Debit 3 485 2 017 1 872 1 583 452
Debt securities 1 905 17 587 971 5 575 - 1 609
Credit 21 166 31 955 23 342 20 470 19 003
Debit 19 261 14 367 22 371 14 895 20 612
Issued in the country - 1 613 - 2 932 - 1 378 - 199 - 274
Medium and long-term - 1 627 - 3 017 - 1 223 - 258 - 246
Credit 522 3 986 2 760 980 532
Debit 2 149 7 004 3 983 1 238 778
Short-term 14 85 - 155 59 - 28
Credit 16 91 104 469 356
Debit 3 6 259 410 384
Issued abroad 3 518 20 520 2 349 5 774 - 1 335
Bonds - 4 720 - 169 3 300 3 707 1 160
Disbursements 4 995 2 698 7 708 12 222 9 699
New issues 2 751 2 698 4 708 6 086 7 549
Bond swaps 2 244 - 3 000 6 136 2 150
Amortizations 9 716 2 867 4 408 8 515 8 539
Paid in cash 7 624 2 867 1 410 2 370 6 389
Bond swaps 2 092 - 2 997 6 145 2 150
Face value 2 693 - 4 197 6 521 2 150
Discounts 601 - 1 200 376 -
Notes and commercial papers 8 439 20 629 - 1 388 1 886 - 3 118
Disbursements 15 632 24 940 11 976 6 496 7 350
Amortizations 7 193 4 311 13 364 4 610 10 468
Money market instruments - 200 60 437 181 623
Disbursements 1 240 794 304 1 066
Amortizations 201 180 357 123 442
(continues)
Boletim do Banco Central do Brasil January 2003
164
V.11 - Portfolio investment - liabilities
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Total - 1 484 1 772 872 - 205 - 4 216
Credit 983 26 901 29 497 969 16 455
Debit 2 466 25 129 28 625 1 174 20 670
Equity securities 87 2 545 2 481 241 1 235
Credit 750 9 719 10 494 754 8 893
Debit 663 7 174 8 013 513 7 658
Issued in the country - 44 - 407 - 545 164 - 1 402
Credit 596 6 341 7 015 670 6 021
Debit 640 6 748 7 560 506 7 423
Issued abroad (Annex V - ADR) 131 2 952 3 026 78 2 637
Credit 155 3 378 3 478 84 2 872
Debit 23 426 452 7 235
Debt securities - 1 571 - 773 - 1 609 - 447 - 5 451
Credit 232 17 182 19 003 215 7 562
Debit 1 803 17 955 20 612 661 13 013
Issued in the country - 5 - 241 - 274 22 - 310
Medium and long-term - 3 - 220 - 246 13 - 270
Credit 45 481 532 51 457
Debit 48 701 778 37 727
Short-term - 2 - 21 - 28 9 - 40
Credit 31 322 356 34 329
Debit 32 343 384 25 369
Issued abroad - 1 566 - 532 - 1 335 - 469 - 5 140
Bonds - 1 277 863 1 160 - 20 1 657
Disbursements - 9 199 9 699 - 4 101
New issues - 7 049 7 549 - 4 070
Bond swaps - 2 150 2 150 - 30
Amortizations 1 277 8 335 8 539 20 2 444
Paid in cash 1 277 6 185 6 389 20 2 413
Bond swaps - 2 150 2 150 - 30
Face value - 2 150 2 150 - 30
Discounts - - - - - 1
Notes and commercial papers - 349 - 1 996 - 3 118 - 460 - 6 094
Disbursements 87 6 174 7 350 88 2 001
Amortizations 436 8 170 10 468 548 8 095
Money market instruments 59 601 623 11 - 704
Disbursements 69 1 006 1 066 42 675
Amortizations 10 406 442 32 1 379
Boletim do Banco Central do Brasil January 2003
165
V.12 - Portfolio of foreign investors1/
US$ million
Period Stock of Portfolio composition (%) Effective flows2/
assets
(end of Stocks Derivatives Debentures Fixed Privatization Others Inflow Outflow Net
period) income currencies
1997 32 047 96.5 1.4 2.1 - - 0.0 32 191 30 576 1 615
1998 17 365 94.8 4.2 1.0 - - 0.0 21 887 24 349 - 2 462
1999 23 110 99.0 0.0 0.8 - - 0.1 12 396 11 296 1 100
2000 18 528 91.9 0.1 0.9 7.0 - 0.1 10 831 12 666 - 1 835
2001 Jan 21 249 92.6 0.1 0.9 6.4 - 0.1 1 078 645 433
Feb 18 549 92.4 0.1 0.7 6.8 - 0.1 716 613 103
Mar 17 094 89.7 0.2 0.8 9.3 - 0.1 823 1 070 - 247
Apr 18 648 89.2 0.3 0.8 9.7 - 0.1 1 596 866 731
May 17 748 88.3 0.2 0.8 10.6 - 0.1 827 913 - 86
Jun 17 819 89.5 0.1 0.7 9.6 - 0.1 790 818 - 28
Jul 15 807 87.2 0.2 0.7 11.9 - 0.1 575 714 - 139
Aug 14 623 86.5 0.1 0.7 12.2 - 0.1 569 837 - 268
Sep 13 987 76.0 0.7 2.3 20.9 - 0.0 375 544 - 169
Oct 13 672 78.7 0.2 2.8 17.5 - 0.9 393 594 - 201
Nov 14 400 85.0 0.5 1.8 11.9 - 1.1 1 013 943 70
Dec 15 532 88.5 0.3 0.7 9.3 - 1.2 593 1 520 - 927
Year 15 532 88.5 0.3 0.7 9.3 - 1.2 9 348 10 076 - 728
2002 Jan 14 588 87.4 0.8 0.7 9.7 - 1.4 610 453 157
Feb 16 571 89.1 2.0 0.3 8.4 - 0.2 234 233 1
Mar 16 337 90.2 0.4 0.6 8.5 - 0.2 325 227 98
Apr 16 778 89.6 1.5 0.6 8.3 - 0.1 672 514 158
May 15 021 89.7 1.4 0.6 8.2 - 0.1 983 784 199
Jun 12 308 87.5 2.0 0.7 9.7 - 0.1 524 906 - 382
Jul 9 184 83.2 4.2 0.6 11.9 - 0.1 618 783 - 165
Aug 10 223 85.6 3.6 0.4 10.2 - 0.2 579 1 185 - 606
Sep 9 961 77.3 5.2 0.4 16.9 - 0.2 401 755 - 354
Oct 8 947 80.0 3.1 1.0 15.7 - 0.2 610 1 050 - 441
Nov 9 061 78.7 3.0 1.1 16.9 - 0.2 760 558 202
Source: CVM
1/ Until March, 2000, refers to funds invested in accordance with Resolution 1,289 dated March 3, 1987. As of April, 2000, refers to funds
invested in accordance with Resolution 2,689 dated January 26, 2000.
2/ Figures compiled by CVM based on data reported by portfolio managers. They do not show necessarily the exchange flow of each period.
Boletim do Banco Central do Brasil January 2003
166
V.13 - Other investment - assets
US$ million
Itemization 1997 1998 1999 2000* 2001*
Total - 1 987 - 11 392 - 4 397 - 2 989 - 6 586
Loans 348 - 5 181 - 1 278 - 282 - 1 050
Long-term - 507 - 2 765 - 724 - 375 - 1 358
Credit 888 1 229 814 594 1 417
Debit 1 395 3 994 1 537 969 2 775
Short-term (net) 856 - 2 416 - 554 93 309
Currency and deposits - 829 - 3 234 - 2 301 - 1 774 - 8 001
Banks 3 400 1 800 345 1 321 - 3 857
Remaining domestic sectors - 4 229 - 5 033 - 2 647 - 3 095 - 4 144
Colateral release - - - 166 -
Other - 4 229 - 5 033 - 2 647 - 3 261 - 4 144
Other assets - 1 506 - 2 978 - 817 - 933 2 465
Long-term - 72 - 94 - 53 - 105 2 424
Credit - 1 1 822 3 2 564
Debit 72 96 1 876 108 140
Short-term (net) - 1 434 - 2 884 - 764 - 828 41
(continues)
Boletim do Banco Central do Brasil January 2003
167
V.13 - Other investment - assets
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Total 1 503 - 3 050 - 6 586 - 227 - 3 949
Loans - 87 - 938 - 1 050 18 - 1 459
Long-term - 102 - 1 230 - 1 358 - 2 - 1 529
Credit 76 1 296 1 417 270 1 553
Debit 179 2 526 2 775 272 3 082
Short-term (net) 15 292 309 20 69
Currency and deposits - 895 - 4 572 - 8 001 - 190 - 2 356
Banks - 515 - 1 779 - 3 857 134 3 214
Remaining domestic sectors - 379 - 2 794 - 4 144 - 325 - 5 570
Colateral release - - - - -
Other - 379 - 2 794 - 4 144 - 325 - 5 570
Other assets 2 485 2 460 2 465 - 55 - 134
Long-term 2 456 2 444 2 424 - 6 - 122
Credit 2 458 2 564 2 564 - 3
Debit 2 120 140 6 125
Short-term (net) 29 17 41 - 49 - 12
Boletim do Banco Central do Brasil January 2003
168
V.14 - Other investment - liabilities
US$ million
Itemization 1997 1998 1999 2000* 2001*
Total - 2 846 - 2 893 - 9 223 - 15 213 10 225
Trade credit (suppliers credit) 1 045 2 740 - 7 284 - 6 409 5 103
Long-term 6 404 4 307 - 4 783 - 2 987 480
Credit 7 440 9 355 3 374 2 675 3 294
Debit 1 036 5 047 8 157 5 663 2 813
Short-term (net) - 5 359 - 1 567 - 2 501 - 3 422 4 623
Loans 5 879 4 031 1 342 - 8 774 5 716
Monetary Authority - 153 8 944 2 803 - 10 434 6 639
Exceptional financing - 34 9 329 2 966 - 10 323 6 757
IMF credit facitlities - 34 4 789 4 059 - 6 876 6 757
Credit - 4 810 6 031 - 6 757
Debit 34 21 1 972 6 876 -
Other1/ - 4 540 - 1 094 - 3 446 -
Credit - 4 540 4 924 - -
Debit - - 6 017 3 446 -
Other long-term loans - 200 - 384 - 163 - 111 - 118
Credit 57 - - - -
Debit 257 384 163 111 118
Multilateral 71 37 11 - -
Other 186 347 152 111 118
Short-term loans 80 - - - -
Remaining sectors 6 032 - 4 914 - 1 461 1 660 - 923
Long-term loans 8 278 6 490 - 2 009 2 736 953
Credit 17 700 24 055 17 499 15 926 14 283
Multilateral 3 093 4 170 4 584 4 674 3 085
Agencies 1 260 1 144 1 119 1 034 1 739
Buyers credit 8 331 10 233 7 593 3 252 4 443
Direct loans 5 017 8 509 4 203 6 967 5 017
Debit 9 423 17 565 19 508 13 190 13 331
Multilateral 1 449 1 422 1 599 1 477 1 643
Agencies 1 827 1 907 1 692 988 1 879
Buyers credit 2 041 8 181 9 092 6 321 6 164
Direct loans 4 106 6 056 7 126 4 403 3 645
Short-term loans - 2 246 - 11 404 548 - 1 077 - 1 875
Currency and deposits (net) - 9 743 - 9 665 - 3 249 - 33 - 596
Other liabilities - 27 1 - 32 4 2
Long-term (net) 1 15 6 4 3
Short-term (net) - 28 - 14 - 38 - - 1
(continues)
Boletim do Banco Central do Brasil January 2003
169
V.14 - Other investment - liabilities
(concluded) US$ million
Itemization 2001* 2002*
Nov Jan-Nov Year Nov Jan-Nov
Total 118 9 161 10 225 - 1 623 2 887
Trade credit (suppliers credit) 867 4 713 5 103 127 4 576
Long-term 180 698 480 20 - 720
Credit 267 3 139 3 294 101 1 261
Debit 87 2 441 2 813 81 1 980
Short-term (net) 688 4 015 4 623 107 5 295
Loans - 722 5 019 5 716 - 1 753 - 856
Monetary Authority - 6 639 6 639 - 8 389
Exceptional financing - 6 757 6 757 - 8 506
IMF credit facitlities - 6 757 6 757 - 8 506
Credit - 6 757 6 757 - 12 980
Debit - - - - 4 474
Other1/ - - - - -
Credit - - - - -
Debit - - - - -
Other long-term loans - - 118 - 118 - - 118
Credit - - - - -
Debit - 118 118 - 118
Multilateral - - - - -
Other - 118 118 - 118
Short-term loans - - - - -
Remaining sectors - 722 - 1 620 - 923 - 1 753 - 9 244
Long-term loans 101 1 119 953 - 386 - 3 894
Credit 1 225 13 352 14 283 737 9 688
Multilateral 358 2 897 3 085 97 3 292
Agencies 72 1 673 1 739 93 1 152
Buyers credit 403 4 041 4 443 331 3 171
Direct loans 391 4 741 5 017 217 2 072
Debit 1 124 12 232 13 331 1 122 13 581
Multilateral 123 1 569 1 643 151 1 663
Agencies 28 1 658 1 879 74 1 520
Buyers credit 502 5 697 6 164 619 7 142
Direct loans 470 3 308 3 645 278 3 257
Short-term loans - 823 - 2 739 - 1 875 - 1 367 - 5 351
Currency and deposits - 27 - 573 - 596 3 - 832
Other liabilities - 2 2 - -
Long-term - 3 3 - -
Short-term - - 1 - 1 - -
1/ Includes loans provided by BIS and Bank of Japan.
Boletim do Banco Central do Brasil January 2003
170
V.15 - International reserves in the Banco Central do Brasil
US$ million
End-of-period International liquidity
Position Change in position Months of imports
of goods
1997 52 173 - 7 937 10
1998 44 556 - 7 616 9
1999 36 342 - 8 214 9
2000 33 011 - 3 331 7
2001 Jan 35 598 2 586 7
Feb 35 413 - 185 7
Mar 34 407 - 1 006 7
Apr 34 653 246 7
May 35 459 806 7
Jun 37 318 1 860 8
Jul 35 552 - 1 766 7
Aug 36 299 747 7
Sep 40 054 3 755 8
Oct 37 492 - 2 562 8
Nov 37 234 - 259 8
Dec 35 866 - 1 367 8
Year 35 866 2 855 8
2002 Jan 36 167 301 8
Feb 35 906 - 261 8
Mar 36 721 815 8
Apr 33 008 - 3 713 8
May 32 889 - 119 8
Jun 41 999 9 110 10
Jul 39 060 - 2 939 10
Aug 37 643 - 1 417 9
Sep 38 381 738 10
Oct 35 855 - 2 526 9
Nov 35 592 - 263 9
Boletim do Banco Central do Brasil January 2003
171
V.16 - Statement of international reserves changes international liquidity concept
US$ million
Itemization 2001 2002
Nov Jan-Nov Year Nov Jan-Nov
I - Stock - end of previous period 37 492 33 011 33 011 35 855 35 866
II - Overall balance of payments (a + b) 2 4 395 3 307 - 238 - 1 112
a. Sales to/purchases from resident banks - 1 000 - 6 275 - 7 225 - 95 - 7 762
b. Banco Central external operations 1 002 10 670 10 532 - 143 6 650
Colateral release (capital and interests accrued) - 765 765 113 1 186
Income earned on international reserves 133 1 788 1 938 3 - 52
Exceptional financing (capital and interests accrued) - 61 6 618 6 618 - 193 13 353
Other 930 1 499 1 211 - 65 - 7 837
III - Balance on export-related loans (Finex) changes - - - - -
IV - Change in market prices of international reserves - 261 - 173 - 452 - 24 838
V - Change in international reserves (II + III + IV) - 259 4 222 2 855 - 263 - 274
VI - Stock-end-of-period (I + V) 37 234 37 234 35 866 35 592 35 592
Boletim do Banco Central do Brasil January 2003
172
V.17 - Composition of adjusted net international reserves
US$ million
Period Adjusted net international reserves
Assets1/
Liabilities6/
Adjustments7/
Net balance
Gold2/
Cash3/
Securities4/
Deposits Other5/
Balance
1997 Dec 2 666 48 12 833 35 972 210 51 729 - 74 451 52 106
1998 Dec 2 691 98 14 112 26 854 216 43 971 - 9 371 - 238 34 362
1999 Dec 1 063 45 12 472 22 055 90 35 725 - 12 245 382 23 861
2000 Dec 578 16 14 394 17 962 62 33 011 - 1 764 293 31 541
2001 Jan 526 52 14 956 20 014 50 35 598 - 1 757 - 17 33 823
Feb 362 24 16 925 18 088 13 35 413 - 1 750 35 33 698
Mar 265 29 18 813 15 300 - 34 407 - 1 710 339 33 036
Apr 294 50 19 380 14 929 - 34 653 - 1 717 312 33 249
May 303 19 18 603 16 520 13 35 459 - 1 698 564 34 325
Jun 302 11 18 141 18 855 10 37 318 - 3 678 528 34 169
Jul 300 57 19 034 16 142 19 35 552 - 3 716 395 32 231
Aug 305 27 19 335 16 596 36 36 299 - 3 803 69 32 565
Sep 329 49 18 783 20 876 17 40 054 - 8 534 - 120 31 400
Oct 313 93 19 689 17 387 11 37 492 - 8 462 - 147 28 883
Nov 302 24 19 899 16 988 20 37 234 - 8 382 34 28 886
Dec 303 22 19 986 15 526 29 35 866 - 8 313 244 27 797
2002 Jan 310 32 19 990 15 816 19 36 167 - 8 223 115 28 060
Feb 326 37 19 771 15 745 27 35 906 - 8 220 15 27 701
Mar 325 36 19 235 17 087 38 36 721 - 8 170 223 28 774
Apr 339 115 19 275 13 228 52 33 008 - 4 111 - 14 28 883
May 359 21 20 011 12 481 17 32 889 - 4 185 - 247 28 456
Jun 350 40 22 406 19 186 16 41 999 - 14 461 - 248 27 290
Jul 332 34 22 541 16 129 25 39 060 - 14 453 269 24 875
Aug 340 37 22 742 14 429 95 37 643 - 14 487 - 442 22 713
Sep 348 293 23 601 14 188 - 49 38 381 - 17 369 72 21 084
Oct 342 292 23 865 11 419 - 63 35 855 - 17 355 - 398 18 102
Nov 343 99 24 229 10 956 - 34 35 592 - 17 397 - 332 17 864
1/ Does not include export-related loans (Finex).
2/ Includes metalic gold and deposit gold. Until September 1999, market prices valued through 40-day London PMFixing average; as of October 1999,
prices valued at the closing date prices.
3/ Includes SDR, sight deposits and foreign currency.4/ Prices marked to market beginning November 2000.5/ Includes, until February 2001, CCR creditor balance and export-related loans to other countries; beginning March 2001, includes only CCR creditor balance.
6/ Includes CCR debtor balance, credits from the IMF and, beginning December 1998, the IMF-lead Financial Assistance Program outstanding debt.7/ Adds to the cash concept export securities-related assets, credit to countries and CCR credit balance until October 2000 and credits to countries and CCR credit balance from
November 2000 to February 2001. As of March 2001, only CCR credit is included.
Boletim do Banco Central do Brasil January 2003
173
V.18 - Foreign exchange operations
US$ millionPeriod Operations with clients in Brazil Operations with Balance
banks abroad
Commercial Financial Balance (net)1/
Exports Imports Balance Purchases Sales Balance
(A) (B) C=A+B (D) E=C+D
1996 50 209 41 478 8 731 77 146 62 050 15 096 23 827 - 13 038 10 789
1997 55 887 58 545 - 2 658 107 750 90 739 17 011 14 353 - 21 203 - 6 850
1998 47 735 43 903 3 833 126 563 120 094 6 469 10 302 - 24 817 - 14 515
1999 41 641 32 905 8 736 92 401 107 118 - 14 717 - 5 981 - 10 201 - 16 182
2000 51 699 46 069 5 629 99 290 92 971 6 319 11 948 - 7 269 4 680
2001 Jan 4 499 4 381 118 6 688 6 039 650 767 - 498 269
Feb 4 195 3 534 661 5 327 5 681 - 354 307 - 270 37
Mar 5 763 4 321 1 442 8 526 9 083 - 557 885 - 198 687
Apr 5 080 3 611 1 469 6 841 6 871 - 30 1 439 - 411 1 028
May 5 226 3 772 1 454 6 271 8 200 - 1 928 - 474 - 541 - 1 015
Jun 4 697 4 067 630 10 392 11 320 - 928 - 299 - 688 - 987
Jul 5 713 3 965 1 748 8 175 7 621 554 2 302 - 359 1 943
Aug 4 774 4 320 455 5 983 6 395 - 412 42 - 255 - 212
Sep 3 978 4 012 - 33 5 166 6 464 - 1 299 - 1 332 - 893 - 2 224
Oct 3 872 4 264 - 393 5 819 7 449 - 1 630 - 2 023 - 188 - 2 210
Nov 4 544 3 510 1 034 6 063 6 807 - 744 290 - 453 - 163
Dec 5 696 3 491 2 205 10 458 11 419 - 961 1 244 - 1 357 - 113
Year 58 036 47 248 10 789 85 710 93 350 - 7 640 3 149 - 6 110 - 2 962
2002 Jan 4 513 4 200 313 5 240 5 893 - 652 - 339 - 402 - 741
Feb 3 817 3 290 527 4 222 6 395 - 2 173 - 1 646 - 218 - 1 864
Mar 4 381 3 428 953 8 669 8 129 540 1 493 - 344 1 148
Apr 4 924 3 380 1 544 6 511 7 633 - 1 122 422 - 396 26
May 5 042 3 229 1 813 4 781 7 291 - 2 510 - 697 - 616 - 1 313
Jun 6 118 2 817 3 301 5 838 9 995 - 4 157 - 856 - 605 - 1 461
Jul 6 027 3 105 2 922 6 108 9 090 - 2 983 - 61 - 1 249 - 1 309
Aug 5 126 3 471 1 655 5 307 7 091 - 1 785 - 130 - 1 633 - 1 763
Sep 5 416 2 658 2 759 5 154 7 540 - 2 386 372 - 1 386 - 1 014
Oct 5 309 3 405 1 904 5 235 8 157 - 2 922 - 1 018 - 1 725 - 2 743
Nov 4 797 3 229 1 568 4 459 6 363 - 1 905 - 337 - 158 - 495
Memo:
2001 Jan-Nov 52 341 43 757 8 584 75 252 81 931 - 6 679 1 905 - 4 753 - 2 849
2002 Jan-Nov 55 470 36 213 19 258 61 524 83 578 - 22 054 - 2 796 - 8 733 - 11 529
1/ Transactions related to international flows in reais, including non-residents' deposits held in Brazil.
Boletim do Banco Central do Brasil January 2003
174
V.19 - Total external debt
US$ million
Itemization 1999 2000 2001 2002
Mar Jun Sep Dec Mar Jun Sep
Registered debt 203 338 196 179 184 248 187 998 198 478 192 720 193 070 199 623 196 806
Nonfinancial public sector 97 448 89 883 89 139 90 217 96 892 92 818 95 436 104 552 106 909
Banks 6 179 6 163 6 360 5 701 5 659 5 398 5 323 5 316 5 246
Brazilian 1 167 1 042 1 112 1 037 1 075 1 052 1 136 1 148 1 189
Foreign 5 011 5 120 5 248 4 663 4 584 4 346 4 187 4 168 4 056
Multilateral 26 211 18 019 17 598 20 628 25 725 25 261 25 087 32 115 35 784
Bilateral (Paris Club included) 11 696 10 351 9 267 9 254 9 115 8 188 8 311 8 902 8 553
Debt bond from banks 35 324 26 474 23 443 20 297 19 958 19 330 18 958 18 577 18 577
Others 18 038 28 877 32 472 34 338 36 435 34 641 37 757 39 640 38 748
Private sector1/105 891 106 296 95 108 97 782 101 586 99 903 97 633 95 071 89 897
Banks 84 741 86 329 75 061 81 451 85 000 82 695 80 733 77 555 72 117
Brazilian 10 849 11 493 10 584 10 661 11 465 10 670 10 402 9 838 9 564
Foreign 73 892 74 835 64 477 70 791 73 536 72 025 70 331 67 717 62 552
Multilateral 4 318 5 256 5 432 5 220 5 402 5 526 5 546 5 501 6 029
Bilateral 3 531 3 896 3 927 3 984 4 035 4 230 4 057 4 332 4 118
Others 13 301 10 814 10 688 7 127 7 148 7 452 7 297 7 684 7 634
Nonregistered debt 22 272 20 742 19 844 19 754 18 046 17 214 17 707 19 415 16 067
Nonfinancial public sector 3 318 2 578 1 695 972 531 364 287 80 65
Credit lines 3 318 2 572 1 695 962 531 364 287 80 65
Banco Central do Brasil - 6 - 10 - - - - -
Private sector1/18 954 18 164 18 149 18 782 17 515 16 850 17 420 19 335 16 002
Commercial banks (liabilities) 18 954 18 164 18 149 18 782 17 515 16 850 17 420 19 335 16 002
Total external debt2/225 610 216 921 204 092 207 752 216 524 209 934 210 777 219 038 212 873
Nonfinancial public sector 100 766 92 461 90 834 91 188 97 423 93 182 95 723 104 632 106 974
Private sector1/124 844 124 460 113 258 116 564 119 101 116 753 115 054 114 407 105 899
International reserves 36 342 33 011 34 407 37 318 40 054 35 866 36 721 41 999 38 381
Brazilian credit abroad 6 652 6 801 6 790 6 588 6 397 3 050 2 847 2 845 2 912
Commercial banks assets 7 534 6 028 5 372 5 511 6 920 8 313 7 811 7 463 6 401
Net total external debt 175 082 171 081 157 523 158 336 163 153 162 704 163 398 166 732 168 091
Intercompany loans 15 859 19 236 16 468 16 273 15 901 16 133 16 185 16 777 16 356
Total external debt, includes intercompany loans 241 469 236 157 220 560 224 025 232 425 226 067 226 962 235 815 229 228
Memo:
Foreign banks 98 919 98 597 87 560 93 198 94 338 91 842 90 431 89 334 81 048
Registered 78 903 79 956 69 726 75 454 78 120 76 371 74 518 71 885 66 609
Nonregistered 20 016 18 642 17 834 17 744 16 218 15 470 15 913 17 449 14 439
Brazilian banks 14 273 14 636 13 706 13 708 14 367 13 466 13 332 12 953 12 381
Registered 12 017 12 536 11 696 11 698 12 539 11 722 11 538 10 986 10 754
Nonregistered 2 256 2 101 2 010 2 010 1 828 1 744 1 794 1 967 1 628
1/ Includes financial public sector.2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.
Boletim do Banco Central do Brasil January 2003
175
V.20 - Registered external debt Distribution by interest rate category1/
Itemization 2001 2002
Mar Jun Sep Dec Mar Jun Sep
US$ % US$ % US$ % US$ % US$ % US$ % US$ %
million share million share million share million share million share million share million share
Floating rates 72 407 39.3 71 295 37.9 79 061 39.8 77 335 40.1 76 761 39.8 83 014 41.6 83 905 42.6
Libor 51 800 28.1 47 630 25.3 49 998 25.2 48 047 24.9 47 353 24.5 46 394 23.2 43 319 22.0
Prime 1 991 1.1 1 793 1.0 1 770 0.9 2 055 1.1 2 166 1.1 2 373 1.2 2 272 1.2
New York 135 0.1 6 0.0 5 0.0 34 0.0 178 0.1 172 0.1 170 0.1
Others 1 856 1.0 1 787 1.0 1 765 0.9 2 020 1.0 1 988 1.0 2 201 1.1 2 102 1.1
IMF 1 714 0.9 3 701 2.0 8 512 4.3 8 346 4.3 8 203 4.2 14 519 7.3 17 369 8.8
IBRD 6 573 3.6 7 624 4.1 7 667 3.9 7 400 3.8 7 375 3.8 7 563 3.8 8 069 4.1
IDB 10 123 5.5 10 277 5.5 10 826 5.5 11 215 5.8 11 394 5.9 11 847 5.9 12 558 6.4
Others 206 0.1 270 0.1 288 0.1 272 0.1 270 0.1 318 0.2 318 0.2
Fixed rates 111 841 60.7 116 703 62.1 119 417 60.2 115 385 59.9 116 308 60.2 116 609 58.4 112 901 57.4
IBRD 585 0.3 578 0.3 576 0.3 563 0.3 558 0.3 541 0.3 534 0.3
IDB 1 314 0.7 1 265 0.7 1 257 0.6 1 195 0.6 1 148 0.6 1 158 0.6 1 115 0.6
Others 109 942 59.7 114 860 61.1 117 584 59.2 113 627 59.0 114 602 59.4 114 910 57.6 111 252 56.5
Total 184 248 100.0 187 998 100.0 198 478 100.0 192 720 100.0 193 069 100.0 199 623 100.0 196 806 100.0
1/ Excludes debt related to intercompany loans and as of March, 2001, includes revision of debt position.
Note: Until March 2001, distribution by interest rate category is estimated.
Boletim do Banco Central do Brasil January 2003
176
V.21 - Registered external debt Distribution by currency1/
Itemization 2001 2002
Mar Jun Sep Dec Mar Jun Sep
US$ % US$ % US$ % US$ % US$ % US$ % US$ %
million share million share million share million share million share million share million share
US dollar2/156 674 85.0 155 417 82.7 155 544 78.4 152 099 78.9 151 733 78.6 149 386 74.8 147 873 75.1
Yen 10 229 5.6 12 309 6.5 16 553 8.3 15 202 7.9 15 620 8.1 16 317 8.2 14 984 7.6
Deutsche mark 3 786 2.1 3 454 1.8 3 501 1.8 3 266 1.7 3 138 1.6 3 527 1.8 3 348 1.7
Special Drawing Right 1 468 0.8 3 715 2.0 8 526 4.3 8 361 4.3 8 216 4.3 14 533 7.3 17 382 8.8
French franc 1 529 0.8 1 646 0.9 1 678 0.8 1 546 0.8 1 503 0.8 1 533 0.8 1 404 0.7
Sterling pound 748 0.4 828 0.4 827 0.4 777 0.4 764 0.4 817 0.4 795 0.4
Italian lira 953 0.5 842 0.4 658 0.3 634 0.3 389 0.2 445 0.2 442 0.2
Euro 7 121 3.9 8 491 4.5 9 813 4.9 9 622 5.0 10 457 5.4 12 002 6.0 9 594 4.9
Swiss franc 506 0.3 459 0.2 498 0.3 362 0.2 352 0.2 393 0.2 401 0.2
Austrian schilling 250 0.1 282 0.2 301 0.2 292 0.2 286 0.1 180 0.1 177 0.1
Portuguese escudo 124 0.1 119 0.1 127 0.1 124 0.1 121 0.1 138 0.1 137 0.1
Canadian dollar 472 0.3 135 0.1 139 0.1 121 0.1 139 0.1 134 0.1 118 0.1
Dutch guilder 170 0.1 169 0.1 181 0.1 175 0.1 170 0.1 13 0.0 11 0.0
Belgian franc 81 0.0 83 0.0 87 0.0 83 0.0 81 0.0 92 0.0 90 0.0
Others 136 0.1 48 0.0 47 0.0 57 0.0 101 0.1 113 0.1 47 0.0
Total 184 248 100.0 187 998 100.0 198 478 100.0 192 720 100.0 193 070 100.0 199 623 100.0 196 806 100.0
Memo:
IDB 11 437 6.2 11 542 6.1 12 083 6.1 12 410 6.4 12 542 6.5 13 005 6.5 13 673 6.9
IBRD 7 157 3.9 8 202 4.4 8 243 4.2 7 963 4.1 7 933 4.1 8 104 4.1 8 603 4.4
1/ Excludes debt related to intercompany loans and as of March, 2001, includes revision of debt position.
2/ Includes World Bank and IDB.
Note: Until March 2001, distribution by currency is estimated.
Boletim do Banco Central do Brasil January 2003
177
V.22 - Medium and long-term registered external debt Principal amortization schedule
US$ million
Itemization Outstanding 2002 2002 2003 2004 2005 2006 2007 2008 2009
9.30.2002 Jan-Sep (Oct-Dec)
Paid
IMF loans1/17 369 85 90 11 150 3 329 2 065 735 - - -
Import financing 49 882 2 872 4 311 10 682 7 744 5 359 4 513 2 667 2 090 1 868
International entities 24 444 303 1 274 4 325 3 536 2 095 1 577 1 437 1 317 1 176
World Bank 8 603 162 222 1 551 1 466 900 623 582 500 426
IDB 13 673 82 886 2 369 1 725 740 723 693 682 667
IFC 1 572 49 102 330 313 260 193 125 100 55
Others 596 10 64 75 32 196 38 36 35 27
Government agencies 12 671 497 737 2 112 2 259 2 271 2 285 690 474 371
USAID - project loans 223 8 10 39 39 32 24 20 15 12
Eximbank - USA 110 12 - 11 11 2 9 9 9 9
Eximbank - Japan 1 675 95 63 198 182 149 146 144 144 103
KFW 1 989 56 70 270 267 271 242 314 137 96
Paris Club 5 835 260 506 1 110 1 250 1 402 1 566 - - -
Others 2 840 66 89 484 511 414 297 203 169 152
Other financing sources 12 767 2 072 2 300 4 246 1 950 992 652 539 299 321
Foreign commercial banks 5 180 1 026 1 202 1 789 958 362 226 145 113 106
Brazilian banks 2 100 416 426 628 117 81 101 101 83 83
Nonfinancial institutions 5 487 630 672 1 829 875 549 325 293 103 133
Currency loans 62 586 2 988 3 089 8 561 14 834 10 759 8 498 6 891 3 994 1 869
Foreign commercial banks 56 746 2 726 2 307 7 702 13 313 9 486 7 653 6 551 3 896 1 832
Brazilian banks 5 440 261 758 791 1 458 1 235 682 322 97 35
Nonbanks 400 - 24 69 64 38 163 17 1 2
Program loans (IDA) - - - - - - - - - -
Bonds 58 104 15 551 3 474 5 630 4 541 4 321 5 041 4 280 3 746
Other loans - - - - - - - - - -
Total medium and long-term debts2/187 940 5 960 8 041 33 868 31 538 22 723 18 068 14 598 10 365 7 483
Intercompany loans - m.l.t 13 257 652 1 411 3 069 2 197 1 345 936 1 093 401 445
Total medium and long-term debts,
includes intercompany loans 201 197 6 612 9 452 36 937 33 734 24 068 19 004 15 692 10 766 7 928
(continues)
Boletim do Banco Central do Brasil January 2003
178
V.22 - Medium and long-term registered external debt Principal amortization schedule
(concluded) US$ million
Itemization 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Due and
postponed
IMF loans1/ - - - - - - - - - - -
Import financing 1 692 1 398 2 216 1 046 744 666 526 422 308 208 1 422
International entities 1 069 961 1 903 802 516 492 426 368 271 183 716
World Bank 375 306 1 277 242 33 17 5 1 - - 77
IDB 642 605 571 534 482 475 420 367 271 183 635
IFC 25 25 34 7 - - - - - - 3
Others 26 24 20 20 1 - - - - - 1
Government agencies 414 222 188 140 129 121 94 50 32 21 62
USAID - project loans 10 7 7 5 1 - - - - - -
Eximbank - USA 9 9 9 9 9 8 - - - - -
Eximbank - Japan 76 75 75 75 72 71 57 28 10 - 8
KFW 213 57 33 4 4 4 2 - - - 6
Paris Club - - - - - - - - - - -
Others 107 73 64 47 44 38 35 22 22 21 49
Other financing sources 210 216 125 103 99 52 6 4 4 4 643
Foreign commercial banks 56 81 26 15 10 6 2 - - - 82
Brazilian banks 83 83 83 83 83 41 - - - - 25
Nonfinancial institutions 72 52 16 5 6 5 5 4 4 4 536
Currency loans 1 179 314 155 329 1 379 11 11 213 3 83 413
Foreign commercial banks 1 170 293 150 329 1 379 11 11 213 3 83 363
Brazilian banks 8 21 4 - - - - - - - 28
Nonbanks 0 0 1 - - - - - - - 21
Program loans (IDA) - - - - - - - - - - -
Bonds 2 842 2 589 2 127 654 311 - - 383 - - 17 613
Other loans - - - - - - - - - - -
Total medium and long-term debts2/5 713 4 301 4 498 2 028 2 435 677 536 1 019 311 290 19 448
Intercompany loans 380 443 536 36 30 26 33 5 4 3 864
Total medium and long-term debts,
includes intercompany loans 6 093 4 744 5 034 2 064 2 465 703 569 1 024 315 293 20 312
1/ Repurchases of reais by Brazil in IMF are included as reduction of liabilities in balance of payments.
2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.
Boletim do Banco Central do Brasil January 2003
179
V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2002
US$ million
Itemization Total Public sector
Total Federal sector
Total Government Enterprises
Nonfinancial Financial
(1)=(2)+(11) (2)=(3)+(7) (3)=(4)+(5)+(6) (4) (5) (6)
IMF loans1/17 369 17 369 17 369 - 17 369 -
Import financing 49 882 32 923 25 899 18 781 3 070 4 047
International entities 24 444 21 718 15 662 10 615 1 745 3 302
World Bank 8 603 8 557 6 600 6 182 293 124
IDB 13 673 12 689 8 658 4 391 1 090 3 178
IFC 1 572 - - - - -
Others 596 472 404 41 362 -
Government agencies 12 671 9 047 8 404 6 859 1 053 493
USAID - project loans 223 223 223 202 3 17
Eximbank - USA 110 - - - - -
Eximbank - Japan 1 675 1 615 1 562 607 659 296
KFW 1 989 299 260 20 65 175
Opic - - - - - -
PL-480 (USA Government) - - - - - -
Paris Club 5 835 5 835 5 835 5 835 - -
Others 2 840 1 075 526 196 325 5
Other financing sources 12 767 2 158 1 832 1 307 272 252
Foreign commercial banks 5 180 608 326 125 168 33
Brazilian banks 2 100 1 019 1 019 909 - 109
Nonfinancial institutions 5 487 530 488 273 105 110
Currency loans 62 586 8 423 6 868 128 2 042 4 698
Foreign commercial banks 56 746 7 833 6 475 45 2 036 4 393
Brazilian banks 5 440 584 387 83 0 304
Nonbanks 400 6 6 - 6 -
Program loans (IDA) - - - - - -
Bonds 58 104 57 134 56 984 56 713 23 247
Other loans - - - - - -
Total medium and long-term debts 187 940 115 848 107 119 75 622 22 504 8 992
Total short term debts 8 866 1 379 1 379 10 45 1 324
Foreign commercial banks 4 683 46 46 - 42 4
Brazilian banks 3 214 1 320 1 320 - - 1 320
Nonfinancial institutions 969 12 12 10 3 - Total2/
196 806 117 227 108 498 75 632 22 550 10 316
Intercompany loans 16 356 185 185 - 185 -
Total external debt,
includes intercompany loans 213 162 117 412 108 683 75 632 22 734 10 316
(continues)
Boletim do Banco Central do Brasil January 2003
180
V.23 - Registered external debt Distribution by type of debtor and creditor Outstanding as of 9.30.2002(concluded) US$ million
Itemization Public sector Private sector
State and local sector Total Nonfinancial Financial
Total Government Enterprises
Nonfinancial Financial
(7)=(8)+(9)+(10) (8) (9) (10) (11)=(12)+(13) (12) (13)
IMF loans1/- - - - - - -
Import financing 7 024 5 923 1 101 - 16 960 13 421 3 539
International entities 6 055 5 504 551 - 2 727 2 561 166
World Bank 1 957 1 920 37 - 46 46 -
IDB 4 030 3 516 514 - 985 985 -
IFC - - - - 1 572 1 514 58
Others 68 68 - - 125 16 108
Government agencies 643 364 279 - 3 624 3 397 227
USAID - project loans - - - - - - -
Eximbank - USA - - - - 110 110 -
Eximbank - Japan 54 54 - - 59 57 2
KFW 40 24 16 - 1 690 1 685 5
Opic - - - - - - -
PL-480 (USA Government) - - - - - - -
Paris Club - - - - - - -
Others 550 287 263 - 1 765 1 545 220
Other financing sources 326 55 271 - 10 609 7 463 3 146
Foreign commercial banks 283 51 232 - 4 572 2 268 2 304
Brazilian banks - - - - 1 081 280 801
Nonfinancial institutions 43 4 39 - 4 957 4 916 41
Currency loans 1 555 - 1 555 - 54 163 40 699 13 464
Foreign commercial banks 1 358 - 1 358 - 48 913 38 971 9 942
Brazilian banks 197 - 197 - 4 856 1 688 3 168
Nonbanks - - - - 394 39 355
Program loans (IDA) - - - - - - -
Bonds 150 - 150 - 970 600 370
Other loans - - - - - - -
Total medium and long-term debts 8 729 5 923 2 806 - 72 092 54 719 17 373
Total short term debts - - - - 7 487 3 072 4 415
Foreign commercial banks - - - - 4 637 1 675 2 961
Brazilian banks - - - - 1 894 446 1 447
Nonfinancial institutions - - - - 956 950 6
Total2/8 729 5 923 2 806 1 79 579 57 791 21 788
Intercompany loans - - - - 16 171 16 171 -
Total external debt,
includes intercompany loans 8 729 5 923 2 806 1 95 750 73 961 21 788
1/ "Reais" repurchases by Brazil in IMF are included as reduction of liabilities in the balance of payments.2/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.
Boletim do Banco Central do Brasil January 2003
181
V.24 - Total external debt by debtor
US$ million
Itemization 1998 1999 2000 2001 2002
Sep Dec Mar Jun Set4/
Medium and long-term debt1/197 362 199 000 189 501 189 460 182 276 181 364 188 809 187 940
Nonfinancial public sector 91 984 97 363 89 780 96 830 92 755 95 341 104 458 106 854
Private sector and financial public sector 105 378 101 637 99 721 92 630 89 521 86 023 84 351 81 086
Short-term debt 26 430 26 609 27 420 27 064 27 658 29 412 30 229 24 933
Nonfinancial public sector 3 383 3 318 2 578 593 427 382 173 120
Banco Central (liabilities) 28 - 6 - - - - -
Credit lines 3 355 3 318 2 572 531 364 287 80 65
Short-term registered debt1/
- - - 62 63 95 93 55
Private sector and financial public sector 23 047 23 291 24 842 26 471 27 231 29 031 30 056 24 813
Commercial banks (liabilities) 17 911 18 954 18 164 17 515 16 850 17 420 19 335 16 002
Short-term registered debt1/
5 136 4 337 6 678 8 956 10 381 11 610 10 720 8 811
Resolution 2,483 - Rural financing 1 399 542 319 - - - - -
Import financing 3 686 2 616 3 850 4 989 6 058 5 957 6 071 5 709
Others2/
51 1 179 2 509 3 966 4 323 5 653 4 650 3 102
Total external debt3/
223 792 225 609 216 921 216 524 209 934 210 777 219 038 212 873
Intercompany loans 17 852 15 859 19 236 15 901 16 133 16 185 16 777 16 356
Total external debt,
includes intercompany loans 241 644 241 468 236 157 232 425 226 067 226 962 235 815 229 228
1/ Registered debt at Banco Central do Brasil.
2/ Includes financing to exporting companies, bridge loans and other short-term registered debt.
3/ As of March, 2001, excludes debt related to intercompany loans and includes revision of debt position.4/ Estimated data.
Boletim do Banco Central do Brasil January 2003
182
V.25 - Foreign exchange rate1/
R$/US$
Period Commercial
End-of-period Average exchange rate
Buying Selling Buying Selling
Rate % Rate % Rate % Rate Percentage changes
change change change
In In In 12
month year months
1997 1.1156 7.41 1.1164 7.41 1.0779 7.32 1.0787 - 7.31 -
1998 1.2079 8.27 1.2087 8.27 1.1603 7.64 1.1611 - 7.64 -
1999 1.7882 48.04 1.7890 48.01 1.8150 56.43 1.8158 - 56.39 -
2000 1.9546 9.31 1.9554 9.30 1.8287 0.75 1.8295 - - 0.72 -
2001 2.3196 18.67 2.3204 18.67 2.3514 28.58 2.3522 - 28.57 -
Jan 1.9703 0.80 1.9711 0.80 1.9537 - 0.45 1.9545 - 0.45 - 0.45 8.36
Feb 2.0444 3.76 2.0452 3.76 2.0011 2.42 2.0019 2.42 1.97 12.76
Mar 2.1608 5.69 2.1616 5.69 2.0883 4.36 2.0891 4.36 6.41 19.92
Apr 2.1839 1.07 2.1847 1.07 2.1917 4.95 2.1925 4.95 11.67 24.00
May 2.3592 8.03 2.3600 8.02 2.2964 4.78 2.2972 4.78 17.01 25.67
Jun 2.3041 - 2.34 2.3049 - 2.33 2.3750 3.42 2.3758 3.42 21.01 31.38
Jul 2.4305 5.49 2.4313 5.48 2.4652 3.80 2.4660 3.80 25.61 37.17
Aug 2.5509 4.95 2.5517 4.95 2.5098 1.81 2.5106 1.81 27.88 38.77
Sep 2.6705 4.69 2.6713 4.69 2.6709 6.42 2.6717 6.42 36.08 45.26
Oct 2.7063 1.34 2.7071 1.34 2.7394 2.57 2.7402 2.56 39.57 45.78
Nov 2.5279 - 6.59 2.5287 - 6.59 2.5423 - 7.20 2.5431 - 7.19 29.53 30.55
Dec 2.3196 - 8.24 2.3204 - 8.24 2.3619 - 7.09 2.3627 - 7.09 20.35 20.35
2002
Jan 2.4175 4.22 2.4183 4.22 2.3771 0.64 2.3779 0.64 0.64 21.66
Feb 2.3474 - 2.90 2.3482 - 2.90 2.4188 1.75 2.4196 1.75 2.41 20.87
Mar 2.3228 - 1.05 2.3236 - 1.05 2.3458 - 3.02 2.3466 - 3.02 - 0.68 12.33
Apr 2.3617 1.67 2.3625 1.67 2.3196 - 1.12 2.3204 - 1.12 - 1.79 5.84
May 2.5212 6.75 2.5220 6.75 2.4796 6.90 2.4804 6.89 4.98 7.97
Jun 2.8436 12.79 2.8444 12.78 2.7132 9.42 2.7140 9.42 14.87 14.23
Jul 3.4277 20.54 3.4285 20.54 2.9338 8.13 2.9346 8.13 24.21 19.00
Aug 3.0215 - 11.85 3.0223 - 11.85 3.1093 5.98 3.1101 5.98 31.63 23.88
Sep 3.8941 28.88 3.8949 28.87 3.3412 7.46 3.3420 7.46 41.45 25.09
Oct 3.6442 - 6.42 3.6450 - 6.42 3.8051 13.88 3.8059 13.88 61.08 38.89
Nov 3.6357 - 0.23 3.6365 - 0.23 3.5756 - 6.03 3.5764 - 6.03 51.37 40.63
1/ Rates for accounting purpose.
VI - The international economy
Boletim do Banco Central do Brasil January 2003
185
VI.1 - Interest rates Prime rate and 6 month Libor in various currencies1/
In percent per year
Period average Prime rate Libor
American Yen EUR Sterling
dollar pound
2001 Jan 9.07 5.54 0.47 4.67 5.74
Feb 8.50 5.20 0.38 4.66 5.65
Mar 8.32 4.81 0.18 4.53 5.43
Apr 7.82 4.49 0.11 4.54 5.30
May 7.24 4.09 0.09 4.56 5.23
Jun 6.98 3.83 0.08 4.35 5.35
Jan-Jun 7.99 4.66 0.22 4.55 5.45
Jul 6.75 3.79 0.09 4.38 5.33
Aug 6.66 3.57 0.09 4.22 5.01
Sep 6.28 2.99 0.08 3.87 4.65
Oct 5.54 2.36 0.09 3.46 4.39
Nov 5.11 2.10 0.09 3.26 4.00
Dec 4.84 1.99 0.10 3.26 4.07
Jul-Dec 5.86 2.80 0.09 3.74 4.58
Year 6.93 3.73 0.15 4.15 5.01
2002 Jan 4.75 1.93 0.10 3.34 4.15
Feb 4.75 2.04 0.10 3.40 4.19
Mar 4.75 2.23 0.11 3.49 4.33
Apr 4.75 2.21 0.09 3.54 4.37
May 4.75 2.10 0.09 3.62 4.37
Jun 4.75 2.01 0.08 3.59 4.39
Jan-Jun 4.75 2.09 0.10 3.50 4.30
Jul 4.75 1.91 0.08 3.48 4.19
Aug 4.75 1.77 0.08 3.38 4.01
Sep 4.75 1.78 0.07 3.27 4.00
Oct 4.75 1.74 0.08 3.16 3.96
Nov 4.35 1.46 0.08 3.03 3.99
1/ Rates in accordance with daily interest bulletin of Banco Central do Brasil.
Boletim do Banco Central do Brasil January 2003
186
VI.2 - Selected country indicators1/
In percent
Period Consumer prices Industrial output Unemployment rate
United Japan Germany United United Japan Germany United United Japan Germany United
States Kingdom States Kingdom States Kingdom
2001 Jan 3.7 -0.3 2.4 2.7 0.5 0.8 5.7 1.5 4.2 4.9 10.0 5.2
Feb 3.5 -0.3 2.6 2.7 -0.4 2.2 4.8 1.0 4.2 4.7 10.1 5.2
Mar 2.9 -0.7 2.5 2.3 -1.3 -1.5 2.6 0.3 4.3 4.7 9.8 5.1
Apr 3.3 -0.7 2.9 1.8 -2.5 -3.6 0.1 -0.7 4.5 4.8 9.5 5.0
May 3.6 -0.7 3.5 2.1 -3.4 -4.7 -0.4 -2.1 4.4 4.9 9.0 4.9
Jun 3.2 -0.8 3.1 1.9 -4.7 -7.3 1.7 -2.3 4.5 4.9 8.9 5.0
Jul 2.7 -0.8 2.6 1.6 -4.2 -8.9 -2.3 -3.0 4.5 5.0 9.2 5.0
Aug 2.7 -0.7 2.6 2.1 -4.6 -11.9 -0.4 -2.3 4.9 5.0 9.2 5.1
Sep 2.6 -0.8 2.1 1.7 -5.7 -11.1 -1.7 -3.3 4.9 5.3 9.0 5.1
Oct 2.1 -0.8 2.0 1.6 -5.9 -12.7 -2.7 -4.7 5.4 5.4 9.0 5.1
Nov 1.9 -1.0 1.7 0.9 -5.9 -14.6 -3.9 -5.0 5.7 5.5 9.2 5.1
Dec 1.6 -1.2 1.7 0.7 -5.8 -15.3 -4.4 -5.2 5.8 5.6 9.6 5.2
2002 Jan 1.1 -1.4 2.1 1.3 -4.4 -11.3 -4.1 -5.9 5.6 5.3 10.4 5.1
Feb 1.1 -1.6 1.7 1.0 -3.8 -11.5 -4.5 -5.6 5.5 5.3 10.4 5.1
Mar 1.5 -1.2 1.8 1.3 -3.0 -8.8 -2.6 -5.5 5.7 5.2 10.0 5.1
Apr 1.6 -1.1 1.6 1.5 -2.3 -7.2 -1.4 -4.0 6.0 5.2 9.7 5.2
May 1.2 -0.9 1.1 1.1 -1.6 -2.1 -3.4 -1.8 5.8 5.4 9.5 5.2
Jun 1.1 -0.7 0.8 1.0 0.0 -1.2 -1.4 -6.3 5.9 5.4 9.5 5.1
Jul 1.5 -0.8 1.0 1.5 0.4 1.2 -1.1 -2.6 5.9 5.4 9.7 5.2
Aug 1.8 -0.9 1.1 1.4 0.4 3.0 -1.3 -3.4 5.7 5.4 9.6 5.2
Sep 1.5 -0.7 1.0 1.7 ... 5.4 -0.7 -2.5 5.6 5.4 9.5 5.3
Oct 2.0 -0.9 1.3 2.1 ... 5.5 -1.4 -1.2 5.7 5.5 9.4 5.2
Nov 2.2 ... ... 2.7 ... ... ... ... 6.0 5.3 ... ...
Source: International Financial Statistics (IMF) except for the unemployment rate.
Unemployment rate: Bureau of Labour Statistics (USA); Statistics Bureau & Statistics Center (Japan); Statistisches Bundesamt Deutschland (Germany) ;
Official National Statistics (United Kingdom).
1/ Percentage change in 12 months.
Boletim do Banco Central do Brasil January 2003
187
VI.3 - International reserves1/
US$ billion
End of Germany Argentina Brazil Canada Singapore United France Italy Japan Mexico United Taiwan
period States Kingdom
2001 Jan 61 25 35 32 80 68 42 32 359 39 42 109
Feb 60 25 35 32 80 67 41 30 358 39 39 111
Mar 58 22 34 33 78 65 42 29 356 40 40 111
Apr 57 21 35 33 77 65 40 30 357 40 40 112
May 56 20 35 33 66 66 41 30 356 41 41 111
Jun 56 21 37 33 65 65 41 29 357 41 40 110
Jul 57 17 35 34 74 66 41 29 362 41 39 111
Aug 57 14 36 35 76 69 40 28 367 41 40 114
Sep 59 21 40 34 79 72 40 29 391 43 41 116
Oct 60 18 37 35 76 70 38 29 400 43 38 117
Nov 59 15 37 34 75 70 37 29 398 44 38 122
Dec 56 15 36 34 75 69 36 28 396 45 38 123
2002 Jan 58 14 36 33 75 68 35 27 395 47 36 124
Feb 58 14 36 34 75 68 34 27 397 47 37 126
Mar 57 13 37 34 76 68 34 27 395 46 37 129
Apr 56 12 33 35 76 68 31 28 400 45 38 134
May 55 10 33 35 78 70 32 27 413 45 38 140
Jun 56 10 42 37 80 76 34 28 440 46 41 149
Jul 57 9 39 36 80 76 35 28 447 55 41 156
Aug 57 9 38 37 81 77 35 28 450 46 41 157
Sep 57 9 38 36 81 77 34 30 454 47 41 158
Oct 56 10 36 37 81 77 33 31 454 46 42 ...
Nov 57 10 35 36 ... 77 34 31 454 47 42 ...
Source : International Financial Statistics (IMF)
1/ Gold reserves at SDR 35 per ounce-troy.
Boletim do Banco Central do Brasil January 2003
188
VI.4 - Currencies per US dollar1/
End of DM ¥ F Sw.Fr. £ Lit Can$ fl FB US$/SDR US$/EUR
period
2001 Jan 2.0950 116.63 7.0274 1.6424 1.4647 2 074.4 1.4996 2.3609 43.22 1.30039 0.93354
Feb 2.1191 117.54 7.1073 1.6720 1.4461 2 097.9 1.5385 2.3877 43.71 1.29506 0.92486
Mar 2.2279 126.47 7.4722 1.7439 1.4178 2 205.7 1.5787 2.5103 45.95 1.26317 0.87974
Apr 2.2054 123.74 7.3984 1.7373 1.4335 2 183.3 1.5385 2.4849 45.49 1.26832 0.88874
May 2.3114 119.34 7.7520 1.7977 1.4201 2 288.3 1.5402 2.6043 47.67 1.25674 0.84802
Jun 2.3008 124.93 7.7165 1.7956 1.4174 2 277.8 1.5168 2.5924 47.45 1.24814 0.85193
Jul 2.2343 125.26 7.4936 1.7301 1.4277 2 212.0 1.5356 2.5175 46.09 1.26126 0.87724
Aug 2.1459 119.01 7.1969 1.6658 1.4569 2 124.4 1.5523 2.4178 44.26 1.29081 0.91336
Sep 2.1494 119.68 7.2088 1.6232 1.4757 2 127.9 1.5808 2.4218 44.33 1.29159 0.91186
Oct 2.1730 122.54 7.2880 1.6357 1.4577 2 151.3 1.5893 2.4484 44.82 1.28064 0.90195
Nov 2.1817 123.62 7.3205 1.6438 1.4284 2 160.9 1.5751 2.4594 45.02 1.26861 0.89795
Dec 2.2039 131.28 7.3914 1.6706 1.4539 2 181.8 1.5947 2.4832 45.46 1.25813 0.88934
2002 Jan ... 134.48 ... 1.7204 1.4141 ... 1.5884 ... ... 1.24452 0.86113
Feb ... 133.82 ... 1.6999 1.4187 ... 1.6059 ... ... 1.24411 0.87054
Mar ... 132.86 ... 1.6870 1.4269 ... 1.5952 ... ... 1.24931 0.87194
Apr ... 128.80 ... 1.6198 1.4596 ... 1.5710 ... ... 1.27025 0.90135
May ... 124.48 ... 1.5718 1.4591 ... 1.5304 ... ... 1.29324 0.93567
Jun ... 119.80 ... 1.4809 1.5346 ... 1.5206 ... ... 1.33312 0.99300
Jul ... 120.04 ... 1.4872 1.5664 ... 1.5859 ... ... 1.32512 0.97939
Aug ... 118.55 ... 1.4996 1.5529 ... 1.5610 ... ... 1.33017 0.98389
Sep ... 121.87 ... 1.4784 1.5713 ... 1.5894 ... ... 1.32534 0.98939
Oct ... 122.77 ... 1.4793 1.5674 ... 1.5601 ... ... 1.32427 0.99160
Nov ... 122.77 ... 1.4851 1.5588 ... 1.5668 ... ... 1.32746 0.99600
Source : International Financial Statistics (IMF) and Bacen
1/ Up to December 1998, rates released by the IMF. They normally indicate average buying and selling market rates of each country considered. After that period, data refer to
rates utilized by the Banco Central do Brasil in its accounts.
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- Foreign Sector Operations 145,874,051
(Allowances for Doubtful Debtors) (38,260)
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- Operations 242,578,217
Federal Public Securities 237,055,309
Security Operations - Resale Commitments 3,644,985
Rediscount 1,002
Sale of Foreign Currency in the Domestic Market - to be Settled 1,876,860
Other Operations 81
(Allowances for Doubtful Debtors) (20)
- Other Credits 36,644,283
Receivables 28,814,250
(Allowances for Doubtful Debtors) (7,415,612)
Funds Managed by Centrus 1,450,388
Securities Receivable 1,162,710
(Allowances for Doubtful Debtors) (149,626)
Credits Registered under Debts in Execution 1,416,194
(Allowances for Doubtful Debtors) (1,416,194)
Debtors of Real Estate Commitments 11,050
Fines 3,759,537
(Allowances for Doubtful Debtors) (3,758,254)
Credit to be Covered by the National Treasury 12,769,840
- Other Accounts 6,047,783
Advances on Export Foreign Exchange Contracts 5,428,703
Settlements of Contributions - Law 9,650 607,374
Deposits Earmarked to Appeals 406,063
(Allowances for Judicial Losses) (405,979)
Credits with Proagro 62,745
(Allowances for Doubtful Debtors) (62,745)
Sundry Accounts 11,622
- Securities and Assets 25,167,584
Swap Operations Guarantees 25,154,790
Other 12,794
- Prepaid Expenses or Expenses to be Appropriated 102
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- Capital Quotas in International Financial Organizations 14,724,913
International Monetary Fund - IMF 14,594,472
Bank for International Settlements - BIS 130,441
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- Fixtures and Fittings 158,658
- Real Estate 773,156
- Intangible Assets 60
- (Accumulated Depreciation) (166,368)
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- Foreign Currency Liabilities 81,571,354
- Deposits of International Financial Organizations 15,083,094
- Sundry Accounts 122,318
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- Financial Institutions Deposits 73,807,842
Banking Reserves - Demand Deposits 19,487,037
Banking Reserves - Savings Deposits 27,639,567
Banking Reserves - Legal Deposits 12,434,293
Banking Reserves - Term Deposits 24,113,979
Banking Reserves - Additional Requirements 26,318,493
Channeling of SBPE funds 1,497,308
Sundry Accounts 343,505
(Collection in Federal Public Securities) (38,026,340)
- Other Deposits 95,848,759
Deposits to Federal Government Order 95,807,745
Deposits Earmarked to Guarantee Operations 4,065,667
Sundry Accounts 41,006
(Collection in Federal Public Securities) (4,065,659)
- Other Liabilities 163,312,929
Banco Central Notes - NBC 75,677,388
Securities Operations - Repurchase Commitments 78,021,875
Derivative Operations 5,215,654
Purchase of Foreign Currency in the Domestic Market - to be Settled 4,313,219
Sundry Accounts 84,793
- Other Accounts 2,148,300
Other Foreign Currency Liabilities 35,173
Settlements of Contributions - Law 9,650 243,473
Income from Federal Government Deposits, to be Transferred 1,093,790
Amounts Payable - Centrus 721,390
Sundry Accounts 54,474
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- Equity 2,576,356
- Contingency Reserves 2,193,946
- Revaluation Reserves 487,928
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- Open Market Operations 103,429,300
- Foreign Sector Operations 95,229,223
- Banking Sector Operations 11,286 - Penalties Levied 805,832
- Credits and Securities Receivable 523,010
- Operations with the National Treasury 2,096,226
- Allowances Reversal and Foreign Exchange Correction 1,723,037 - Other 1,906
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- Constitution and Monetary/Exchange Correction of Allowances (1,040,512) - Administrative (413,705)
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National Treasury Notes - NTN 91,389,402
National Treasury Financial Bills - LFT 124,505,837 National Treasury Bills - LTN 57,518,797
Securitized Credits - CVS 1,663,204
Wage Variation Compensation Fund - FCVS 1,562,928 Credit to be Paid by National Treasury 12,769,840
Judicial Deposits in the name of the National Treasury 3,701
Settlement of Contributions - Law 9,650 489,491
PND - State Banks 5,403 Credits Subject to Refunds 31,117
Taxes and Contributions, to be Recovered 1,259
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Federal Government Deposits 95,807,745 Settlement of Contributions - Law 9,650 230,731
Income from Federal Government Deposits, to be Transferred 1,093,790
Deposits in Foreign Currencies - Paris Club 10,576 Funds Linked to Administration of Foreign Debt Guarantees 18,182
Judicial Deposits Consequent upon Final Decision 9,382
Cash Reserve Availabilities 2
Taxes and Contributions, to be Deposited 37,310
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President: ARMINIO FRAGA NETO Directors: BENY PARNES, CARLOS EDUARDO DE FREITAS, EDISON BERNARDES DOS SANTOS, ILAN GOLDFAJN,
LUIZ FERNANDO FIGUEIREDO, SÉRGIO DARCY DA SILVA ALVES, TEREZA CRISTINA GROSSI TOGNI. Head of the Financial Administration Department: JEFFERSON MOREIRA
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